Strong 1Q26 financial performance and solid outlook despite geopolitical uncertainty
Solid profitability and returns
Growing balance sheet
Disbursements
+47% yoy at €2.5bPerforming loans
€37.7b+12% yoySolid asset quality profile
2.4% NPE ratio 39bps CoR 107% NPE coverageLeading capital and payout
17.4% CET1(post payouts)
€1 billion distribution3approved by the Bank's AGM
1 Before one-offs | 2 Normalized for 1Q26 high trading income | 3 Interim cash dividend of €200m paid in Nov25, remaining cash dividend of €264m for FY25 to be paid out on June 12th, recurring buyback
of €232m and special share buyback of €300m to commence in Jun26, subject to regulatory approvals
Greece's strong fundamentals provide resilience to
the effects of the geopolitical uncertainty
Strong carry-over
effects s solid fundamentals
Greece remains in the expansionary phase of the investment cycle, with prospects for further acceleration
Robust pipeline of investment projects in 2026-28 and record high FDI
A +10% rise in oil prices1 would reduce Greece's annual GDP
growth by 0.2 ppts
Enhanced adaptability of the Greek economy
Diversified and flexible energy supply mix
High geographical diversification of tourism and broadening export base
Limited non-energy exposure to directly affected regions
Resilient banking activity
Strong corporate s household B/S
Low private sector leverage
Solid fiscal position
High primary fiscal surpluses s rapid debt reduction
Peak Recovery and Resilience Facility (RRF) disbursements in 2026, sustaining stimulus through 2028
1 From a level of c USD 100/bbl
Key investment highlights
Unique Franchise | Most trusted bank in Greece with deep customer loyalty resulting in the largest savings deposit franchise Solid corporate governance framework ensures robust controls and strengthens transparency |
Stand-out Balance Sheet | Highly liquid, clean and well capitalized B/S, with large share of low-cost deposit funding Highest provision coverage by European standards across stages, provides resilience during times of uncertainty |
Superior Capital s Payout Levels | Strong capital generation supports robust organic growth and superior shareholder returns throughout 2026-28 Capital buffers preserve strategic flexibility towards capturing value-accretive opportunities |
Superior Returns | Strong and increasing profitability, delivering a sustainable 17% RoTE in 2028 RoTE at 15.3%1 in 1Q26 (16.3% reported) |
Transformation Program creates Competitive Advantages | Best-in-class operating model and innovation capabilities including top digital offering in Greece Migration to our Core Banking System nears completion. Further automation of operations including via AI to improve productivity and customer experience as well as cyber security |
1 Normalized for 1Q26 high trading income
NBG signs an MoU setting out the intention to enter into a strategic partnership with Allianz
Transaction summary
NBG and Allianz have signed an MoU setting out the intention for NBG:
to acquire a 30% minority equity stake in Allianz European Reliance (estimated CET1 impact -0.2%)
to enter into a long-term exclusive bancassurance agreement between NBG and Allianz European Reliance
The transaction is subject to customary closing conditions, including the receipt of all required regulatory approvals
Strategic rationale
Boost fee and commission income from bancassurance
Value uplift via:
Leveraging Allianz's international expertise, superior products s technology
Share of profits consolidation of 30% of Allianz European Reliance
Allianz represents the ideal partner, aligning with NBG's aspiration towards a
scalable, modern bancassurance model, offering:
expertise in products and sales as a leading global insurance group
its technological strengths with advanced digital capabilities, facilitating transition and new product offerings
Transaction impact
c4x
Insurance fees growth
+6%
Group net fees CAGR1 impact
+4%
EPS
accretion
>50bps
RoTE
accretion
1 Group net fee CAGR incremental impact relative to the high sds guidance (2027-28)