Greece · Delayed Price · Currency is EUR National Bank of Greece Earnings Call Transcripts
Fiscal Year 2025
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Full year 2025 saw strong profit, robust credit and fee growth, and improved efficiency, with capital ratios and shareholder returns at sector-leading levels. Guidance targets further growth in profitability, credit, and fee income through 2028, supported by a resilient Greek economy.
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Nine-month profit after tax neared EUR 1 billion, with strong loan and fee growth, a CET1 ratio of 19%, and a cost-to-income ratio just over 33%. Outlook remains positive, with credit growth and NII recovery expected to accelerate into 2026.
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Strong H1 2025 results with profit after tax of EUR 700 million and ROTE of 16.3% led to upgraded full-year guidance for ROTE (>15%), EPS (~EUR 1.4), and credit expansion (>EUR 2.5 billion). CET1 ratio rose to 18.9%, supporting higher interim dividends and robust capital allocation.
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Q1 2025 profit after tax was €0.4 billion, with normalized EPS and RoTE both exceeding guidance. Strong loan growth, resilient fee income, and robust capital ratios offset lower rates, while the upgraded core banking system and international expansion support future growth.
Fiscal Year 2024
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Full-year 2024 results exceeded guidance, with core PAT up 10% to EUR 1.3 billion and strong loan and fee growth. Outlook targets over 14% return on tangible equity and 8% credit growth CAGR through 2027, with higher shareholder payouts and robust capital buffers.
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Nine-month core PAT rose 15% year-on-year to nearly EUR 1 billion, with strong NII, fee growth, and capital ratios. Loan growth and digital transformation drive optimism, while payout ratios and buybacks are set to increase in 2025.
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H1 2024 delivered strong profitability, with core PAT up 27% year-on-year and upgraded guidance for NII, core PAT, and ROTE. Capital and liquidity remain robust, with CET1 at 18.3% and a focus on increasing shareholder returns.