Organic profit after tax 983 million euros in the first nine months of 2024 announced today the National Bank (15% annual increase).

In his statement the managing director of the National Bank Pavlos Mylonas states: “Greece’s economic growth rate remains strong, with upward GDP momentum strengthening in Q2 2024. Business activity has been the largest contributor to growth in economic activity so far, including strong fixed investment while the labor market followed, also playing a notable role. It is important to note that strong fiscal performance leads to further favorable repricing of risk premiums associated with the economy, enhancing its attractiveness, despite the challenges arising from the external environment.

OR recent 10% rate offer of our share capital attracted strong and widespread demand from high-quality investors. The success of the transaction reflects investor confidence in the Greek economy, as well as NBG’s strong fundamentals, our clear strategy and our credibility in delivering the Bank’s goals.

The Third trimester we achieved remarkable financial results, with our strong capital position and highly liquid Balance Sheet remaining key comparative advantages. Organic profit after tax reached approximately €1bn in the nine months of 2024, up +15% year-on-year, laying a strong foundation for achieving our targets for 2024. This performance was driven by the resilience of net interest income against of lower interest rates, as the related negative impact was offset by strong credit expansion, with our disbursements exceeding €5 billion in the nine months of 2024. The strong results also reflect double-digit growth in net fee income, as well as the continued normalization of the cost of credit risk, combined with the prudent management of our operating expenses.

Our strong capital ratios continued to strengthen, with CET1 standing at 18.7%, while Total Capital Adequacy stood at 21.5%, up +130 basis points year-to-date, following a forecast of distribution to shareholders of 40% in 2025 of 2024 earnings. Our strong organic capital generation provides us with significant strategic flexibility, including future distribution of capital to shareholders.

Our investments in technology and dedicated people remain at the heart of our strategy, allowing us to enhance our efficiency, responding to an ever-evolving market and focusing on improving our customer experience. We remain committed to playing a key role in supporting the Greek economy by actively investing in development initiatives and sustainability projects that promote growth and stability».