National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Q1 2025 Earnings Presentation
60 slides from National Bank Of Greece's earnings presentation, May 8, 2025
Slide 1: 1Q25 Financial Results
1Q25 Financial Results 8 May 2025
Slide 2: Table of Contents
Table of Contents 01 Highlights 02 Financial Results in Detail 03 Macro 04 ESG 05 Transformation Program 06 Appendix 2
Slide 3: Highlights
01 Highlights 3
Slide 4: NBG stands out
01 Highlights NBG stands out Leading Most trusted bank in Greece, with the largest savings and a very loyal deposit franchise Franchise Strong Strong profitability profile absorbs rate cuts, with RoTE of 16.5%1 in 1Q25, well above FY25 guidance of >13% Profitability Highly-liquid and well-capitalize
Slide 5: Solid 1Q25 performance supports FY25 guidance
01 Highlights Solid 1Q25 performance across all fronts comfortably supports our FY25 guidance RoTE, PAT, EPS PEs, NPEs ✓ RoTE 19.1%¹ / 16.5%² FY25 guidance at >13% ✓ Disbursements €1.6b +41% yoy ✓ PAT¹ €0.4b ✓ Performing Loans €34b +12% yoy ✓ EPS €1.67¹ / €1.44² FY25 guidance at c€1.3 ✓ NPE ratio 2.
Slide 6: 1Q25 P&L KPIs continue to well absorb lower rates
01 Highlights 1Q25 P&L KPIs continue to well absorb lower rates PAT¹ | € m NII | € m TBVPS | € 6.9 8.1 8.9 NIM | bps 260 326 291 3M Eur avg | bps 392 299 256 381 606 548 379 497 270 1Q23 1Q24 1Q25 1Q23 1Q24 1Q25 Fees | € m Cost of Risk | € m Fees / Assets | bps 45 54 57 CoR | bps 70 55 46 +13% yoy e
Slide 7: Robust income supports profitability
01 Highlights Robust income supports profitability Income & PAT | € m EPS¹ | € €1.44 normalized for 1Q25 trading normalized 762 765 715 711 748 for 1Q24 690 697 trading 652 1.67 Total 634 Income 1.56 1.55 1.55 1.56 1.41 1.34 1.23 1.18 FY25 guidance c1.3 374 379 359 381 353 329 354 PAT¹ 294 270 1Q23
Slide 8: Core deposits increase, market share gains in fee-generating FUMs
01 Highlights Core deposits continue to increase, combined with market share gains in fee-generating FUMs Deposit¹ mix (%) Assets under Management (€ b) MF Mkt 11% 14% 15% +4pps yoy 53.6 share (%) Domestic (€b) 53.0 54.2 Bond MF Mkt -€1.1b yoy 17% 22% 23% +6pps yoy reflecting the shift share (%) 18%
Slide 9: Well-capitalized, highly-liquid Balance Sheet
01 Highlights Our well-capitalized, highly-liquid Balance Sheet, provides a comparative advantage Group Assets (€ b) Group Liabilities (€ b) Cash & Interbank 2.8 reserves 6.2 Excess liquidity at €5.8b Interbank 2.4 Fixed income portfolio is a natural hedge against normalizing rates Securities 20.4 H
Slide 10: FY25 guidance well supported by 1Q25 performance
01 Highlights FY25 guidance well supported by 1Q25 financial performance Actual Actual Guidance P&L FY24 1Q25 FY25E NIM (bps) 319 291 >280 NII €2.36b €0.55b >€2.1b Fees growth (reported / adjusted) 12% 6% / 13%¹ 3Y CAGR >8% OpEx growth (reported / recurring) 6% / 5% 7% / 5% 3Y CAGR c5% Guidance Cost
Slide 11: Strong fundamentals reflected in IG status and credit spreads
01 Financial Highlights NBG’s strong fundamentals reflected in IG status across rating agencies and its credit spreads Sovereign rating evolution Credit rating | Sovereign and NBG NBG Senior and Tier II (Spreads %) Rating Scale Investment S&P/ DBRS/ BBB Scope Grade Moody’s/ BBB- Fitch 6.6% 6.3% Rati
Slide 12: Financial Results in Detail
02 Financial Results in Detail 12
Slide 13: Income resilience supports 1Q25 group PAT at €381m
02 Financial Results in Detail Income resilience supports 1Q25 group PAT¹ at €381m P&L | Group (€ m) 1Q25 1Q24 YoY 4Q24 QoQ P&L Highlights 1Q25 PAT¹ reaches €0.4b, reflecting strong income NII 548 606 -9% 575 -4% Net fee & commission Key drivers in detail: 106 100 +6% 115 -8% income • 1Q25 NII lower
Slide 14: Best in class balance sheet
02 Financial Results in Detail Best in class balance sheet with strengthening comparative advantages Balance sheet Highlights Key Balance sheet items 3M25 FY24 9M24 6M24 3M24 Total Assets (€ b) 75.3 75.0 74.3 73.7 72.4 • 1Q25 performing loans up by a solid +12%¹ yoy, compare favorably to our 3yr CAG
Slide 15: Profitability absorbs 60% payout accrual for 2025
02 Financial Results in Detail Strong profitability comfortably absorbs a 60% payout accrual for 2025 1Q25 capital movement¹ 21.5% 21.2% CAD +c1.0% +c0.1% -c0.2% -c0.5% Payout at 60% of 2025 earnings 18.3% 19.2% 18.7% CET1 2 3 4 FY24 1Q25 Profitability Credit RWAs Other 1Q25 before payout Payout 1Q2
Slide 16: Income resilience leads 1Q25 group PAT to €0.4b
02 Financial Results in Detail Income resilience leads 1Q25 group PAT¹ to €0.4b Group PAT¹ (€ m) Group PAT¹ (€ m) Attrib. PAT³ 260 358 371 +4% yoy Yoy -9% +6% +5%² -23% 381 +1% yoy 381 379 379 +35 +22 +13 +6 PAT¹ 270 -8 -4 -4 -57 4Q24 VES exit benefit will fully materialize in 2H25 Reflects the shar
Slide 17: NII and NIM adjust to lower rates
02 Financial Results in Detail NII and NIM adjust to lower rates in line with expectations and guidance Group NII (€ m), Group NIM (bps) Domestic NII breakdown (€ m) NIM¹ (Group) -19bps -46bps 326 322 320 310 291 qoq from peak 578 561 563 553 524 3M Euribor (avg) 392 381 -43bps -140bps 356 299 qoq f
Slide 18: Performing loans up 12% yoy; yields drop
02 Financial Results in Detail 1Q25 PEs at +12%¹yoy; solid credit expansion despite seasonality; yields drop on sharply lower rates Group Performing loan evolution (€ b) Loan disbursements² & expansion (€ b) Greek PE lending yields (bps) PE yield drops commensurately with the Group 30.2 33.6 33.6 +1
Slide 19: Deposit yields edge lower, hedges in the money
02 Financial Results in Detail Deposit yields edge lower and deposit hedges increasingly in the money Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€m) Group 55.6 57.1 57.0 57.6 56.5 +€0.9b yoy Int’l 2.0 2.2 2.2 2.4 2.4 Term 209 212 202 191 180 54.9 54.8 55.2 54.2 Greece 53.6 10.1
Slide 20: Fixed income securities shield NII as ECB rates decline
02 Financial Results in Detail Fixed income securities exposure shields NII as ECB rates decline Cash & reserves, Net Interbank (€ b) NBG Funding Cost (bps) 378 396 392 381 336 356 9.1 299 264 256 3M Euribor (avg) 6.4 Excess cash funds 5.8 placed in fixed income securities, up by €2.9b yoy 58 66 77
Slide 21: Fee growth +13% yoy
02 Financial Results in Detail Fee growth +13%¹ yoy, led by core banking fees and investment product cross sell Group fees (€ m) Retail fees² (€ m) Corporate fees² (€ m) Fees/Assets 54bps 57bps ΥοΥ ΥοΥ ΥοΥ +15% yoy 106 +6% excluding State 55 +6% 100 4 measures 4 52 4 +13% yoy ex 43 +35% 12 Includes
Slide 22: Recurring expenses up 5% yoy, C:I at 30%
02 Financial Results in Detail Recurring expenses up by +5% yoy, C:I at 30% Group C:I (%) Group headcount (#k) More than 2/3rds of 4Q24 VES exits to 19.8 materialize in 2H25 Cost/ income % 27.6 30.3 +2.7pps yoy 7.8 6.3 at Bank level Personnel cost/ 10.8 income % 16.2 10.1 9.4 14.8 1.6 8.8 8.1 1.6 7.
Slide 23: Favorable asset quality trends sustained
02 Financial Results in Detail Favorable asset quality trends are sustained Domestic NPE stock per category | 1Q25 (€ b) NPE balance change (€ b, Bank) o/w: €0.1b or c23% <30dpd o/w: €0.1b or c53% <30dpd 0.2 0.1 0.1 NPE inflows (+) 0.1 0.1 0.7 0.6 -0.1 -0.1 -0.1 -0.1 -0.1 Curings -0.1 0.0 -0.0 0.3 -
Slide 24: FNPEs support organic NPE reduction
02 Financial Results in Detail FNPEs, mostly comprised of <30dpd exposures, support organic NPE reduction NPE ratios and coverage | 1Q25 Domestic forborne stock (€ b) | 1Q25 Collateral coverage¹ 69% 60% 64% FNPEs <30 dpd 0.2 NPE ratio 3.5% NPE coverage FPEs at 97% 0.6 2.6% 2.6% 2.2% €1.0b FNPEs 31-9
Slide 25: Leading coverage levels across stages
02 Financial Results in Detail Leading coverage levels across stages provide a comfortable cushion during uncertain times Group gross loan stage evolution (€ b) Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) Δ yoy 1.3 1.2 0.9 0.9 -0.3 Stage 3 55.6% 54.3% 8.2% 52.4% 51.8& Coverage o/
Slide 26: Macro
NATIONAL BANK @ OF GREECE 03 Macro
Slide 27: Strong carryover effects and healthy fundamentals
03 Macro Strong carryover effects and healthy fundamentals should offset external headwinds Greece’s economy remains on a steady upward trajectory, as evidenced by economic Key macroeconomic 180 index, 170 activity indicators available for the first months of the year: and financial 170 2017=100 ind
Slide 28: Growth catalysts increase economy's resilience
03 Macro Important growth catalysts increase the economy’s resilience to external shocks Forward-looking indicators point to a steady pace of GDP growth, despite increasing Robust economic 130 Wildfires and 130 Covid-19 historic flood uncertainty, amid escalating trade tensions, and heightened finan
Slide 29: Solid labor market trends support consumption
03 Macro Solid labor market trends to support household consumption and investment Unemployment rate at a 15y Increasing labor income and 15 15 8 yoy % 30 yoy yoy low of 8.9% in 1Q25, with consumer credit bolster employment up by 1.1% yoy 6 household spending as 25 10 10 inflation pressures subside
Slide 30: Corporate activity remains resilient
03 Macro Corporate activity remains resilient to external headwinds on strengthened fundamentals Business turnover and 500 €b €b 70 Continuing outperformance 70 70 profits at pre-crisis highs of Greek manufacturing index 450 65 65 60 against euro area peers 400 60 60 350 50 55 55 300 40 50 50 250 Bu
Slide 31: Supportive fiscal stance in 2025
03 Macro Supportive fiscal stance in 2025 combined with strong credit trends and lower policy rates Primary surplus at an all- 210 Greece remains among 6 time high in 2024, enabling %GDP %GDP surplus the top fiscal performers a more supportive fiscal 12 under the new EU fiscal 5 stance in 2025. Debt
Slide 32: ESG
04 ESG 32
Slide 33: Creating value while enabling Greece's transition
04 ESG Creating value for businesses and households while enabling Greece's transition C&E theme Key recent developments and metrics Green bond issuances (€ m) Corporate RES financing (€ b) Leading 2027 target: sustainable 650 2x 2.3 2.3 €3.3b 2.0 energy Fully utilized 500 1.6 22% 1Q25 mix: financin
Slide 34: Long-tradition of contributions to society
04 ESG Long-tradition of contributions to society continued, with impactful initiatives Social themes Key recent developments and metrics Environment • Volunteer Forest Firefighters Program: In partnership with Latsis Foundation, Martinos Foundation, Desmos, protection WWF & HIGGS. Equipment for 1,9
Slide 35: Enhanced sustainability disclosures and ESG ratings
04 ESG Enhanced sustainability disclosures and strong participation in ESG ratings / indices Integrated reporting ESG ratings & indices 1Q25 Comments ESG rating A ISS Corporate rating C (Prime) Top 20% banks globally, #1 in Greece ISS ESG score (E | S | G) (1|1|2) A for Emissions Reduction Initiativ
Slide 36: Transformation Program
05 Transformation Program 36
Slide 37: Transformation Program as competitive advantage
05 Transformation Program Our Transformation Program acts as a competitive advantage for NBG Corporate & Investment banking Retail banking • New Corporate coverage and service model, with • New Individuals service and operating model, incl. continuous improvement in customer experience (e.g., launch
Slide 38: Digital business and partnerships deliver results
05 Transformation Program Our digital business and partnerships continue to deliver impressive results Dedicated Est. Est. digital 2023 2024 assets Retail app Business app NEXT app 5.1m downloads 224k downloads 167k downloads 4.6 rating 4.8 rating 4.6 rating Digital KPIs Active users 12M Active user
Slide 39: New Partnership with Qualco Group to create Uniko
05 Transformation Program NBG entered a new Partnership with Qualco Group to create Uniko The first digital, real estate ecosystem in the Greek market NBG Aspiration What makes Uniko unique 01 Capture 04 Maintain focus ✓ All essential Real Estate services under one roof opportunities in the booming
Slide 40: Appendix
06 Appendix 40
Slide 41: 2025-27 key strategic objectives
06 Appendix 2025-27 key strategic objectives Be the best bank for our clients Invest in Technology & People Leverage on market dynamics for credit expansion Lead the sector in IT, digital transformation and on the back of improvement in customer innovation experience and product & service offering t
Slide 42: Business Plan macro assumptions
06 Appendix Business Plan macro assumptions Real GDP yoy growth CPI yoy growth Greek Government Bond 10Y yield aop 2.7% 3.4% 3.2% 2.3% 2.3% 3.1% 3.1% 2.2% 2.0% 2.0% c2% 1.8% 2024A¹ 2025E 2026E 2027E 2024A 2025E 2026E 2027E 2024A 2025E 2026E 2027E RRE prices yoy growth Unemployment rate aop Interest
Slide 43: Key P&L dynamics of the 2025-27 BP
06 Appendix Key P&L dynamics of the 2025-27 BP • NIM remains at high levels of >280bps, • OpEx contained at a 3Y CAGR of c5% absorbing base rate normalization to c200bps supporting growth and class-leading investments in IT and digital infrastructure • NII >€2.3b in 2027, on robust credit growth of
Slide 44: 2025-27 Business Plan guidance
06 Appendix 2025-27 Business Plan guidance Actual Actual Business Plan 2025 -2027 P&L FY24 1Q25 FY25E FY27E NIM (bps) 319 291 >280 >280 NII €2.36b €0.55b >€2.1b >€2.3b Fees growth (reported / adjusted) 12% 6% / 13%¹ 3Y CAGR >8% OpEx growth (reported / recurring) 6% / 5% 7% / 5% 3Y CAGR c5% Financial
Slide 45: Robust top line performance
06 Appendix Robust top line performance on the back of strong fee growth and NIM resilience NIM, bps 300 • Resilient NIM above 280bps throughout the BP horizon, despite a -200bps reduction in 319 100 benchmark rates 291 -100• NII sensitivity managed through hedging and >280 >280 investment in fixed
Slide 46: Disciplined OpEx; CoR normalization continues
06 Appendix Disciplined OpEx supporting growth and innovation; CoR normalization continues C/I, % 300 • Operating expenses expected at a mid single digit growth (c5% CAGR in the 3Y period) c35% c35% 100 supporting growth and technology investments 31% 30% -100 • New union wage increases and deprecia
Slide 47: Steady state RoTE >14% in 2027
06 Appendix Steady state RoTE >14% in 2027 or >18% on a CET1 of 14% RoTE1,% c50%² c60%⁴ c60%⁴ c60%⁴ Payout% • Sustained EPS growth post 2025, 17.5% reflecting higher profitability 3 16.5% >14% >18% on • RoTE at a steady state >14% or >18% on >17% on internal CET1 >13% internal CET1 target of 14% int
Slide 48: Corporate segment growth drivers
06 Appendix Corporate segment growth driven by large corporates, SMEs and shipping NII drivers Corporate • Net expansion mainly driven by Structured CAGR Finance and Mid-Caps >9% • 3rd party programs (incl. RRF) to expand client base • Expansion in international lending in sectors of expertise c8% c
Slide 49: Retail segment to start expanding from 2025
06 Appendix Retail segment to start expanding from 2025 onwards NII drivers Retail • Smarter credit criteria and co-funded CAGR products in mortgages >3% • Leading position in embedded banking and strategic partnerships • New credit product offerings (e.g. dual cards, digital short-term loans) c8% S
Slide 50: Capital generation supports growth and payouts
06 Appendix Capital generation supports growth and payouts, maintaining significant buffers Targeted Group CET1 Ratio evolution, % c10% Capital buffers post payouts of >4% • CET1 above 18% throughout the BP horizon c23% -c3% • Organic capital generation comfortably -c2% absorbs strong credit expansi
Slide 51: Strong distribution capacity, payout c60%
06 Appendix Strong distribution capacity with increasing payout levels of c60% Payout ratio, % >10% Total • Strong recurring organic profitability allows Payout healthy capital distributions to shareholders 8% 1 Yield • Payout levels at c60% from 2025 profits 5% onwards vs 30% paid out last year and
Slide 52: Balance Sheet & P&L
06 Appendix Balance Sheet & P&L Balance Sheet | Group P&L | Group €m 1Q25 4Q24 3Q24 2Q24 1Q24 €m 1Q25 4Q24 3Q24 2Q24 1Q24 Cash & Reserves 6,210 5,380 8,397 8,356 8,307 NII 548 575 589 587 606 Interbank placements 2,378 2,679 2,662 2,573 2,527 Net fee & commission income 106 115 108 106 100 Securitie
Slide 53: Geographical segment P&L: Greece & International
06 Appendix Geographical segment P&L: Greece & International Greece International €m 1Q25 4Q24 3Q24 2Q24 1Q24 €m 1Q25 4Q24 3Q24 2Q24 1Q24 NII 524 553 563 561 578 NII 25 22 26 26 28 Net fee & commission Net fee & commission 102 111 104 102 96 4 4 4 4 4 income income Core Income 626 664 667 662 673 Co
Slide 54: ESMA Alternative Performance Measures
06 Appendix ESMA Alternative Performance Measures (APMs), financial data and ratios definitions Τhe 1Q25 Financial Results Presentation presents the Financial Results and other basic financial information of National Bank of Greece S.A. (the “Bank”) (together with its consolidated subsidiaries (the
Slide 55: Definition of financial data, ratios and APMs
06 Appendix Definition of financial data, ratios used and alternative performance measures Name Abbreviation Definition Assets held for sale -- Non-current assets held for sale Cash and Reserves -- Cash and balances with central banks Combined Buffer Requirement CBR Total CET1 capital required to me
Slide 56: Definition of financial data, ratios and APMs
06 Appendix Definition of financial data, ratios used and alternative performance measures Loan / Lending Yield -- Annualized (or annual) loan interest income over gross performing exposures Loans-to-Deposits Ratio L:D ratio Loans and advances to customers over due to customers at year/period end Mi
Slide 57: Important Notice – Disclaimer
06 Appendix Important Notice – Disclaimer The information, statements and opinions set out in the 1Q25 Results Presentation and The Presentation includes certain non-IFRS financial measures. These measures are accompanying discussion (the “Presentation”) have been provided by National Bank of presen
Slide 58: Important Notice – Forward Looking Information
06 Appendix Important Notice – Forward Looking Information The Presentation contains forward-looking statements relating to management’s intent, Forward-Looking Statements are provided for illustrative purposes only and are not belief or current expectations with respect to, inter alia, the Bank’s b
Slide 59: Contact details
Contact details Christos Christodoulou | Group CFO Greg Papagrigoris | Group Head of IR cchristodoulou@nbg.gr +30 210 334 2310 papagrigoris.gr@nbg.gr Maria Kanellopoulou | Analysts Panagiotis Alevras | Institutional Investors +30 210 334 1537 +30 210 334 3031 mkanellopoulou@nbg.gr Alevras.Pan@nbg.gr
Slide 60: Slide 60
National Bank of Greece — Q1 2025 Earnings Presentation on 6ix