CEO Pavlos Mylonas has noted that the management's initial goal is to distribute roughly 20–25% of profits; nevertheless, the National Bank of Greece is waiting for the SSM's official decision on the dividend, which is expected in early June.
Speaking to analysts following the announcement of National Bank's results, which showed a pro-rata profit after tax of 358 million euros (up 38% year-on-year and 14% quarter-on-quarter), Milonas referred to the positive performance in the first quarter and the good macroeconomic environment.
He also recalled that NBG was the first systemic bank to regain investment grade, attributing the upgrade by Morningstar DBRS to high organic profitability, a strong balance sheet, steady capital reserve generation, and high liquidity.
Referring to loans, Mr. Mylonas attributed the early repayments mainly to moves by companies from the energy and shipping sectors, estimating that these were also responsible for the decline in deposits. He said that the decline in deposits does not concern individuals, who make up the bulk of the bank's deposit base. It was noted that this phenomenon is seasonal, as it usually occurs in the first quarter of the year.