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
c4x Insurance fees growth +6% Group net fees CAGR1 impact | +4% EPS accretion >50bps RoTE accretion |
Transaction impact
1 Group net fee CAGR incremental impact relative to the high sds guidance (2027-28)
Key financial highlights
1Q26 PAT¹ at €344m on top line resilience; RoTE1 at 15.3%2 (16.3% reported)
1Q26 NII up +2% qoq continues on a recovery trend on the back of recent healthy asset growth, while NIM has broadly stabilized as spread compression has waned; these trends will continue while base rate upward tendency, if maintained, will provide further support
Fee income growth sustained in the high sds (+8% yoy) in 1Q26, driven by continued investment product growth, leveraging cross selling capabilities, yielding impressive mutual fund market share gains of +0.7ppts ytd and +7.0ppts since YE23; qoq decline reflects negative base effect due to high 4Q25 seasonal loan origination
1Q26 OpEx +8.4% yoy, balances cost discipline with our commitment to invest in people through the onboarding of new talent (leveraging VES offerings) and variable pay, as well as in technology and digital infrastructure, enhancing productivity, commercial effectiveness, digital offering and cyber risk security
1Q26 C:I of 35.7%2 (34.3% reported) is well inside our FY26 guidance
1Q26 CoR at 39bps, flat qoq, reflects benign asset quality conditions and sector-leading coverages across stages
RoTE1 at 15.3%2 (16.3% reported), or 20.0% adjusting for excess capital, comfortably supports FY26 guidance of c15%
Our robust Balance Sheet provides security during uncertain times and strategic flexibility
Despite geopolitical uncertainty, 1Q26 disbursements accelerated relative to 1Q25, up by nearly +50% yoy, yielding a credit expansion of +€0.5b qoq on a seasonally weak quarter; disbursements in Apr26 continued to be strong, providing comfort towards fulfilling our FY guidance; 1Q26 expansion was driven by corporates, while our retail business was also supportive (disbursements +c30% yoy), driven by market share gains in mortgages, SBs, and consumer lending
Deposits, up by +€2b yoy, remain resilient on the back of low-cost core deposit growth, while time deposit migration to mutual funds continues alongside impressive mutual fund market share gains of >7ppts since YE23 and >70bps ytd, benefitting fee generation as well as funding mix and cost
Term deposit yield stabilized qoq, pushing our total funding cost below 70bps on superior mix
Fixed income securities at c€25b, grew in alignment with B/S dynamics, leveraging our liquidity to provide
incremental support to our NII going forward alongside credit growth
NPE ratio at 2.4%, reflects benign asset quality trends; NBG's high coverage across stages by European standards provides resilience in times of uncertainty
CET1 at 17.4%, total capital ratio at 21.1%
Strong organic capital generation continues in 1Q26 (+40bps qoq), with CET1 at 18.4% post 60%3 payout accrual; pro forma for the €300m4 special buyback that will commence in June, CET1 and Total Capital ratios stand at 17.4% and 21.1%, respectively
MREL ratio at 28.8%, above our MREL requirement of 26.7%
Our Transformation Program supports the delivery of sustainable results
In Corporate, we are accelerating RRF and International Corporate lending, further strengthening fee generation through comprehensive digital and Global Markets offerings for corporate clients
In Retail, we are enhancing our service model for small business clients with new sales roles, further increasing sales orientation across channels with new tools in branches and AI use cases in digital banking and the contact centre
Our leading digital franchise exceeds 4.6m subscribers and 3.3m active users, powered by our next-generation Retail
Mobile Banking app, our new Business Internet Banking platform and our enhanced "Next" app for the youth segment
Migration to our new Core Banking System (CBS) nears completion, accelerating workflow platforms modernization and GenAI use cases and further optimizing back-office processes
ESG strategy
On Climate s Environment, we continue financing the energy transition of the Greek economy and offering sustainable financing to Corporate C Retail clients, while pursuing transformative interventions in our own operations, all in line with our Net Zero vision, decarbonization strategy and interim goals
On Social Responsibility, we continue investing in initiatives with a significant social impact, including the 2nd Phase of the "Marietta Giannakou" programme, aiming to reach a total of c670 renovated schools in 2025-26 impacting more than 145,000 students across the country, the renovation and energy upgrade of the Athens Olympic Swimming Centre in collaboration with the Hellenic Olympic Committee, aiming to support the preparation of national polo and swimming teams ahead of the 2028 Olympics, and provide new facilities for the city of Athens
1 Before one-offs | 2 Normalized for 1Q26 high trading income | 3 FY26 payout level to be determined at YE26, subject to AGM and regulatory approvals | 4 Subject to regulatory approvals
"The Greek economy entered 202c supported by strong carry effects and solid fundamentals, remaining firmly on track for another year of solid growth outperformance relative to the euro area. In the face of renewed geopolitical uncertainty, Greece benefits from enhanced adaptability, supported by solid fiscal buffers and strengthened financial positions across the private sector. Key positive catalysts include peak Recovery and Resilience Facility (RRF) deployment, supportive financing conditions and a strong pipeline of investment projects. At the same time, structural improvements in the energy sector as well as export and tourism diversification further reinforce resilience against emerging risks, allowing Greece to remain in the expansionary phase of the investment cycle.
Within this backdrop, our solid performance in the first three months of 202c underscores the strength of the Greek economy and our Balance Sheet, setting the stage towards achieving our FY2c guidance. Our 1Ǫ2c PAT
amounted to €0.34b1, translating into an earnings per share of €1.431,2, with the return on tangible equity (RoTE) at 15.3%1,2, or 20.0% adjusting for excess capital. This performance reflects accelerating NII recovery, leveraging our recent healthy credit expansion, complemented by continued strength in fee and non-interest income generation.
Our capital position remains a key comparative advantage, balancing superior shareholder returns with strong capital buffers in an uncertain geopolitical environment, providing resilience as well as significant strategic optionality. With our capital build-up phase now behind us, we are shifting our focus towards the active deployment of our excess capital. Consistent with this strategy, our CET1 settled at 17.4%3 in 1Ǫ2c, incorporating class leading distributions to our shareholders totaling €1b4 through cash and buybacks, reaffirming our commitment to gradually utilize our capital buffers.
At the same time, we have taken a significant step in enhancing our fee-generating capabilities, singing an MoU that sets out our intention to enter into a long-term strategic partnership with leading global insurer Allianz. This has been complemented by the signing of an MoU that sets our intention to acquire a 30% minority stake in Allianz European Reliance, subject to regulatory approvals. This strategic partnership is expected to drive a meaningful uplift in our insurance income (c4x), supported by access to a comprehensive, market-leading product suite, whilst leveraging Allianz's expertise in products and sales as well as advanced digital capabilities, facilitating the transition and new
product offerings. From a financial perspective, the partnership is set to add more than 50bps in our RoTE, delivering an EPS accretion of +4%. Moreover, it strengthens our ability to deliver enhanced, customer-centric insurance solutions while maintaining a capital-light model, contributing to sustainable earnings growth and long-term value creation for our shareholders.
In an environment defined by heightened geopolitical uncertainty, our strategic priority remains unequivocal: to strengthen our role as a trustworthy financial partner to the Greek economy while continuing to evolve as a forward-looking, technologically advanced institution. As we complete the migration to our new Core Banking System, we are positioned well ahead of our European peers, enabling fast product innovation and greater operational resilience. At the same time, our sustained investment in our people and digital transformation enhances execution across all levels of the organization, ensuring that we deliver high end services to our clients. These efforts strengthen our capacity to expand lending in a disciplined manner, support households and businesses more effectively and navigate geopolitical volatility with confidence, creating value for our customers and shareholders."
Pavlos Mylonas Chief Executive Officer, NBG
1 Before one-offs | 2 Normalized for 1Q26 high trading income | 3 Pro forma for the €300m special buyback to commence in Jun26, subject to regulatory approvals | 4 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
PsL | Group (€ m) | 1Q26 | 1Q25 | YoY | 4Q25 | QoQ |
NII | 541 | 548 | -1.3% | 530 | 2.0% |
Net fee C commission income | 114 | 106 | 7.6% | 133 | -14.4% |
Core Income | 655 | 654 | 0.1% | 663 | -1.3% |
Trading C other income | 61 | 94 | -35.3% | 29 | >100% |
Total Income | 716 | 748 | -4.4% | 6G2 | 3.5% |
Personnel expenses | (132) | (121) | 8.8% | (131) | 1.0% |
GCAs | (62) | (56) | 9.6% | (76) | -19.0% |
Depreciation | (52) | (49) | 6.1% | (57) | -8.1% |
Operating Expenses | (246) | (227) | 8.4% | (263) | -6.7% |
Core PPI | 40G | 428 | -4.3% | 400 | 2.4% |
PPI | 470 | 522 | -G.G% | 428 | G.8% |
Loan C other Impairments | (41) | (42) | -2.6% | (55) | -24.8% |
Operating Profit | 42G | 480 | -10.6% | 373 | 14.G% |
Taxes C minorities | (85) | (98) | -13.3% | (93) | -8.8% |
PAT1 | 344 | 381 | -G.G% | 280 | 22.8% |
Attributable PAT | 2722 | 301 | -G.5% | 275 | -1.1% |
1 Before one-offs I 2 1Q26 one-offs include VES provision at c€60m and LEPETE at €10m
Balance Sheet | Group (€ m) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
Total assets1 | 82,6GG | 78,886 | 76,727 | 77,590 | 75,322 |
Gross loans | 41,187 | 40,543 | 38,331 | 38,211 | 37,021 |
Provisions | (1,020) | (984) | (941) | (938) | (915) |
Net loans2 | 40,167 | 3G,55G | 37,3G0 | 37,273 | 36,106 |
Performing loans | 37,714 | 36,G56 | 34,688 | 34,43G | 33,574 |
Securities | 24,778 | 22,196 | 21,531 | 20,624 | 20,422 |
Deposits | 58,543 | 5G,613 | 58,336 | 58,2433 | 56,523 |
Tangible equity | 8,505 | 8,3444 | 8,311 | 8,1125 | 8,15G |
1 Including held-for-sale assets of €0.1b I 2 Incl. senior notes amounting to €2.5b in 1Q26 | 3 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25 | 4 Net of interim dividend of €200m
paid in November 2025 | 5 Net of the FY24 dividend of €405m paid in June 2025
Key Ratios | Group | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
Liquidity | |||||
L:D ratio | 69% | 66% | 64% | 63% | 64% |
LCR | 237% | 236% | 249% | 248% | 259% |
NSFR | 144% | 146% | 147% | 148% | 146% |
Profitability | |||||
NIM over average assets (bps) | 272 | 276 | 280 | 282 | 291 |
C:I ratio | 34.3% | 38.1% | 36.3% | 32.1% | 30.3% |
CoR (bps) | 39 | 39 | 37 | 40 | 46 |
RoTE1 (%) | 15.3%2 | 13.4% | 14.6%2 | 15.3%2 | 16.5%2 |
Asset quality | |||||
NPE ratio | 2.4% | 2.4% | 2.5% | 2.5% | 2.6% |
NPE coverage ratio | 107% | 106% | 101% | 100% | 97% |
S3 coverage ratio | 56% | 56% | 56% | 55% | 54% |
Capital | |||||
CET1 ratio3 | 17.4%4 | 18.8%% | 19.0% | 18.9% | 18.7% |
CAD ratio3 | 21.1% 4 | 21.5% | 21.8% | 21.7% | 21.5% |
RWAs (€ b) | 41.1 | 39.8 | 38.2 | 38.1 | 37.4 |
1 Before one-offs | 2 Normalized for high trading income | 3 Including period PAT and payout, subject to AGM and regulatory approvals | 4 Pro forma for the €300m special buyback that will
commence in June, subject to regulatory approvals
PsL | Greece (€ m) | 1Q26 | 1Q25 | YoY | 4Q25 | QoQ |
NII | 517 | 524 | -1.2% | 508 | 1.8% |
Net fee C commission income | 110 | 102 | 7.5% | 130 | -15.4% |
Core Income | 627 | 626 | 0.2% | 638 | -1.7% |
Trading C other income | 60 | 94 | -36.0% | 27 | >100% |
Total Income | 687 | 720 | -4.5% | 665 | 3.3% |
Personnel expenses | (123) | (114) | 8.5% | (122) | 1.3% |
GCAs | (56) | (51) | 9.7% | (69) | -18.2% |
Depreciation | (51) | (48) | 6.7% | (55) | -7.8% |
Operating Expenses | (231) | (213) | 8.4% | (246) | -6.2% |
Core PPI | 3G7 | 413 | -4.0% | 3G2 | 1.1% |
PPI | 457 | 507 | -G.G% | 41G | 8.G% |
Loan C other Impairments | (41) | (40) | 1.0% | (58) | -30.4% |
Operating Profit | 416 | 467 | -10.G% | 361 | 15.3% |
Taxes C minorities | (83) | (95) | -12.8% | (92) | -9.9% |
PAT1 | 333 | 372 | -10.4% | 26G | 23.G% |
Attributable PAT | 2612 | 361 | -27.6% | 264 | -0.8% |
1 Before one-offs I 2 1Q26 one-offs include VES provision at c€60m and LEPETE at €10m
PsL | International (€ m) | 1Q26 | 1Q25 | YoY | 4Q25 | QoQ |
NII | 24 | 25 | -4.5% | 22 | 6.8% |
Net fee C commission income | 4 | 4 | 8.3% | 3 | 30.0% |
Core Income | 28 | 28 | -2.8% | 25 | G.6% |
Trading C other income | 1 | 0 | >100% | 1 | -30.8% |
Total Income | 28 | 2G | -0.7% | 26 | 7.6% |
Personnel expenses | (9) | (8) | 14.5% | (9) | -3.3% |
GCAs | (5) | (5) | 8.3% | (7) | -26.8% |
Depreciation | (1) | (1) | -14.3% | (2) | -20.0% |
Operating Expenses | (15) | (14) | G.4% | (18) | -14.2% |
Core PPI | 12 | 15 | -14.5% | 8 | 65.3% |
PPI | 13 | 15 | -10.1% | G | 51.1% |
Loan C other Impairments | (1) | (2) | -68.2% | 3 | n/m |
Operating Profit | 13 | 13 | 0.0% | 12 | 3.3% |
Taxes C minorities | (2) | (3) | -29.6% | (1) | 90.0% |
PAT1 | 11 | 10 | 8.1% | 11 | -4.5% |
Attributable PAT | 11 | (60)2 | n/m | 12 | -7.8% |
1 Before one-offs I 2 Including NBG Egypt branch closure FX recycling (-€70m)
Profitability
Group PAT1 amounted to €344m in 1Q26, up by +23% qoq, reflecting sustained NII recovery and continued strength in our fee and non-interest income.
NII continued on a recovery trend, increasing by 2% qoq to €541m in 1Q26, on the back of recent healthy asset growth, while NIM has broadly stabilized as spread compression has waned. These trends will continue, while base rate upward tendency, if maintained, will provide further support. Sustained balance sheet expansion supports a favorable NII trajectory in the coming quarters, reinforcing our confidence in delivering our FY26 guidance.
Fee and commission income increased by +8% yoy to €114m in 1Q26, driven by the retail segment (+20% yoy), spearheaded by the strong momentum in investment products, up by nearly +60% yoy, underscoring the effectiveness of our cross-selling strategy and increasing customer engagement. As a result, we have delivered impressive mutual fund market share gains of +0.7ppts ytd and +7.0ppts since YE23, reflecting the strength of our product offering and growing client confidence in our wealth management capabilities. On a quarterly basis, the decline reflects negative base effect due to high 4Q25 seasonal loan origination.
Operating expenses increased by +8% yoy to €246m in 1Q26, largely on the back of personnel expenses, reflecting increased remuneration mainly driven by collective agreements as well as our investment in human capital through variable pay and the onboarding of new talent and skills through hires, leveraging on VES offerings. Higher GCAs were driven by spending that enhanced customer experience, while depreciation charges derive from our sector-leading investments in technology and digital infrastructure exceeding €1b since 2020. These investments, notably the replacement of our Core Banking System, are translating into tangible gains in our productivity, commercial effectiveness, digital offering and cyber risk security. Alongside these strategic investments, our cost discipline remains intact, with 1Q26 C:I settling at 35.7%2 (34.3% reported), comfortably within our FY26 guidance.
Loan impairments stood at €39m in 1Q26, with the provisioning rate normalizing to 39bps from 46bps in 1Q25, boding well with our <40bps FY26 guidance. This reflects benign asset quality conditions despite geopolitical uncertainty, while our sector-leading coverage across stages provides an additional layer of resilience.
NIM (Group)
291
272
548
25
541
24
524
507
505
508
517
Int'l
Domestic
1Q25 2Q25 3Q25 4Q25 1Q26
Group NII (€ m), NIM (bps) NII breakdown (€ m)
Group
548
25
531
24
527
530
541
Int'l
Domestic
524 507
505
508 517
Loans (PE)
400
386
376 378
382
Loans (NPE)
Securities 13
Funding C other 165
-51
-4
1Q25
10
158
-36
-11
2Q25
10
159
7
161
7
Deposits
-17
3Q25
-22
-15
4Q25
-23
16G
-23
-17
1Q26
24
22
22
282 | 280 | 276 |
531 | 527 | 530 |
24 | 22 | 22 |
1Before one-offs
2Normalized for 1Q26 high trading income
1Q26
1Q25
Domestic Corporate Fees
Domestic Retail Fees
+20%
66
55
Non-core C International
43
-9%
3G
+8%
114
8
106
7
YoY
56bps
56bps
Fees / assets
Fees breakdown (€ m) OpEx breakdown (€ m)
,
1Q26
1Q25
Personnel
GCAs C Depreciation
+8%
114
105
+9%
132
121
227
+8%
246
YoY
35.7%
33.2%
C:I3
QoQ
+2.0%
-14%
-7%
-25%
+23%
+8
344
280
+11
+33
+14
+5
+14
-1
-19
CoR at 39bps
in 1Q26
+8% yoy; negative
base effect on strong 4Q25 loan origination
PAT4 bridge (€ m)
4Q25 | Δ NII | Δ Fees | Δ Trading C | Δ Personnel | Δ GCAs | Δ Depreciation | Δ Loan C other | Δ Taxes | 1Q26 |
other income | expenses | impairments |
3Normalized for high trading income (1Q26/1Q25). Reported C:I stands at 30.3% in 1Q25 and at 34.3% in 1Q26
4Before one-offs
Credit expansion
Despite geopolitical uncertainty and the seasonal slowdown in 1Q26, performing loan growth had a good start to the year, reaching +€0.8b qoq and driving Group performing loans +12% higher yoy at €37.7 in Mar26.
This strong performance reflects loan disbursements5 of €2.5b, up by an impressive +47% yoy, highlighting sustained credit demand and our success towards capturing high-quality lending opportunities. Corporate lending was the key growth engine, with disbursements surging by +55% yoy, focused on dynamic sectors that continue to benefit from structural growth trends and investment flows, namely energy/renewables, shipping and hotels. Retail segment also delivered a solid performance, with disbursements rising by +26% yoy, supported by market share gains in mortgages, SBs and consumer lending, reflecting improved customer penetration and product/service offerings. Encouragingly, momentum has carried into Apr26, with disbursements remaining strong, providing comfort towards fulfilling our FY26 guidance.
432
424
391
Mortgages6
449
382
378
412
397
396
395
Corporate7
Euroswap rate
2cS
235
3M Euribor (avg) 25c
1Q25
208 20c
211 201 204
2Q25 3Q25 4Q25
208
205
1Q26
547
Consumer6
(excl. cards)
957
936
922
926
933
SBLs
630
583
43G
Total
Performing6
541
528
507
475
Corporate
(excl. shipping)
44G
461
Group
Intr'l
33.6
1.8
37.0
2.0
37.7
2.0
35.0
35.7
Greece 31.8
Corporate
Retail
9.2
1.4
1.4
6.4
9.5
1.5
1.5
6.4
G.6
1.6
1.5
6.4
1Q25 4Q25 1Q26
Corporate SBL Consumer Mortgages
Group loan disbursements5 (€ b)
Group PE expansion (€ b)
+47% yoy
+€0.5b credit
expansion
2.5
4.2
2.6
0.2
37.7
1.7
1.9
37.0
-2.0
-0.0
0.5
0.6 0.6
2Q25 3Q25
Retail
0.6 4Q25
Corporates
FY25 Disbursements Repayments NPEs FX C other 1Q26
PEs movement PEs
1Q26
1Q25
+26% yoy
0.6
+55% yoy
1.G
2.5
1.2
1.3
2.0
3.6
+4% yoy
+16% yoy
22.6
25.5
26.1
+12% yoy
+13% yoy
+12% yoy
Group performing loan evolution (€ b) Greek PE yields (bps)
+17% yoy |
+7% yoy |
+1% yoy |
5Loan disbursements exclude the rollover of working capital repaid and increase in unused credit limits
6Excluding mortgage and consumer staff loans
7Euroswap curve relevant to corporate book pricing
Liquidity
Group deposits increased by +€2.0b yoy to €58.5b in Mar26, comprising nearly 90% of our total net funding. In Greece, deposits were up by +€1.8b yoy to €56.0b, driven by sustained core deposit growth (+€2.0b yoy), leading to a positive mix effect, with more than 80% of our deposits being sight and savings accounts. At the same time, the migration of time deposits to mutual funds remains strong, with retail FuMs increasing by +€2.0b yoy. This trend reflects growing customer appetite for higher-yielding solutions and highlights our ability to successfully capture these flows, delivering impressive market share gains, while supporting fee income generation and optimizing our funding mix and cost.
Our liquidity profile remains robust, manifested by our class leading LCR and L:D ratio of 237% and 69% in Mar26, respectively.
Group deposit evolution (€ b)
8
Group
Intr'l
56.5
2.4
58.2
2.6
58.3
2.5
59.6
2.6
58.5 +€2.0b yoy
2.6
Greece
55.6
9.5
8
Time
Other
54.2
9.3
1.4
5.7
6.8
1.6 8
6.0
7.3
55.8
9.1
1.5
5.8
7.9
57.0
9.4
1.6
6.1
7.9
56.0
8.G
1.5
5.G
7.G
Retail FuMs
up +€2.0b yoy, fueled in part by depositor shift to MFs
Sight - Corp.
Core
d s
eposit
+€2.1b yoy
Sight - Retail 30.8
31.3
31.6
32.0
31.7
Savings
1Q25 2Q25 3Q25 4Q25 1Q26
down qoq due to seasonality
Group deposit flows (€ b)
Time 1Q26
C other
Core
Time
Core
1Q25
Corporate
+€0.5b yoy
Retail
+€1.5b yoy
56.5
-0.4
-1.1
58.5
0.9
2.6
+€2.0b yoy
Funding structure (%) NBG cost of funding (bps)
211
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
201
204 205
80
77
73
72 71
65
59
62
64
256
299
356
381
392
3M Euribor (avg)
CoF (Blended eop)
73%
€6Gb
15%
6%
7%
Current,sight C other Deposits
Time Deposits Interbank funding
Long term wholesale Debt
Group Deposits of c€59b comprise c88% of total net funding 81% core deposits (Bank)
2026 issuances / tender offers
SP Green €600m (New) SP €500m (Tender) AT1 €500m (New)
o/w €3.3b senior debt
C €1.1b Tier II
8Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25
Capital adequacy
Strong organic capital generation continued in 1Q26 (+40bps qoq), with CET1 ratio standing at 18.4% post the 60%9 recurring payout accrual. Pro forma for the €300m special buyback that will commence in June, CET1 and Total capital ratios stand at 17.4% and 21.1%, respectively, with our MREL ratio at 28.8%, exceeding the 2026 requirement of 26.7%.
1Q26 capital movement
CAD 21.5%
Τ2
+40bps
21.1%
+c0.8% Τ2
-c0.4%
-c0.3%
-c0.5%
ΑΤ1
-c0.9%
Includes VES costs at c0.2%
Recurring payout accrual of 60%9
Inaugural AT1 issued in
Feb26 at a
y
ield of 5.8%
CET1
FY25 CET1
1Q26
Profitability
Credit RWAs
Other
1Q26 CET1
before payout
Payout 10
accrual
Pro-forma 1Q26 CET1
€300m special incl. special distribution 11 distribution
1Q26 CET1
before special
RWAs: €41.1b
RWAs: €39.8b
18.8%
2.7%
17.4%
18.4%
18.G%
1.2%
2.6%
Asset quality
Group NPE stock stood at €1.0b in 1Q26, translating into an NPE ratio of 2.4%, with CoR remaining below 40bps on the back of near zero NPE flows. At the same time, our leading coverage across stages by European standards comprises yet another strength of NBG's balance sheet, providing cushion against potential downside risks and reinforcing our resilience during times of uncertainty.
NPE ratios and coverage | 1Q26 Group Cost of Risk (bps, €m) | 1Q26
Retail Corporate Total Total
Domestic Group
55.5%
54.0%
61%
43%
Stage 3
coverage
1.9%
2.4%
2.3%
NPE ratio 3.6%
63%
64%
61%
Collateral
coverage (Bank)
NPE coverage
at 107%
1Q26
4Q25
1Q25
3G
38
CoR (€m) 41
3G
39
CoR (bps) 46
9FY26 payout level to be determined at YE26
10Subject to AGM and regulatory approvals, including the respective DTC amortization acceleration
11Subject to regulatory approvals, including the respective DTC amortization acceleration
Group NPE stock (€ b) | 1Q26 Domestic forborne stock (€ b) | 1Q26
International
NPE 0.1
Domestic
FNPE <30 dpd
0.2
€1.0b
Domestic
90+dpd 0.5
Domestic FNPE
>30 dpd C other
impaired
0.2
o/w €0.6b
Corporate
FNPEs <30 dpd
0.2
FPEs
0.5
€0.8b
FNPEs 31-
90dpd 0.0
FNPEs >90dpd
0.1
Group S2 ratio and coverage (%) Group S3 ratio and coverage (%)
Coverage
8.2%
8.4%
8.0%
7.9%
Ratio
6.2%
5.8%
5.8%
6.1%
31.03.25 30.06.25 30.09.25 31.12.25
31.03.26
6.4%
8.0%
Coverage
54.3%
54.8%
55.7% 55.8%
Ratio
2.6%
2.5%
2.5%
2.4%
31.03.25 31.06.25 30.09.25 31.12.25
31.03.26
2.4%
55.5%
ΕSMA Alternative Performance Measures (APMs), definition of financial data and ratios used
The 1Q26 Results Press Release presents the Financial Results and other basic financial information of National Bank of Greece S.A. (the "Bank") (together with its consolidated subsidiaries (the "Group")) for the period ended 31 March, 2026, and has been prepared, in all material respects, from the underlying accounting and financial records of the Group and the accounting policies applied by the Group in the preparation of its annual financial statements in accordance with International Accounting Standard 34 "Interim Financial Reporting" and International Financial Reporting Standards ("IFRSs"), as endorsed by the EU. The Financial Results and the basic Financial Information presented in this document refer to unaudited financial figures and include the estimates of the Management and provisions relating to financial data or other events of the period ended 31 March, 2026.
The 1Q26 Results Press Release contains financial data, which is compiled as a normal part of our financial reporting and management information systems. For instance, financial items are categorized as foreign or domestic on the basis of the jurisdiction of organization of the individual Group entity, whose separate financial statements record such items. Moreover, it contains references to certain measures which are not defined under IFRS, including "pre-provision income" ("PPI"), "net interest margin" and others, as defined below. These are non-IFRS financial measures. A non-IFRS financial measure is one that measures historical or future financial performance, financial position or cash flows but which excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. The Group believes that the non-IFRS financial measures it presents allow a more meaningful analysis of the Group's financial condition and results of operations. However, the non-IFRS financial measures presented are not a substitute for IFRS measures.
Name | Abbreviation | Definition |
Attributable PAT / Net profit / (Loss) / Earnings | -- | Profit for the period attributable to NBG equity shareholders |
Balance Sheet | B/S | Statement of Financial Position |
Cash and Reserves | -- | Cash and balances with central banks |
Common Equity Tier 1 Ratio | CET1 | CET1 capital as defined by Regulation No 575/2013 over RWAs, including the period PAT |
Core Income | CI | Net Interest Income ("NII") + Net fee and commission income ("Fees") |
Core Pre-Provision Income | Core PPI | Core Income less operating expenses |
Cost of Risk | CoR | Credit provisions of the year (or of the period annualized) over average net loans, excluding the release of credit provisions of €65m related to HfS transactions and subsidiaries portfolio sales |
Deposits (Group / Total) | -- | Due to customers |
Depreciation | -- | Depreciation and amortization on investment property, property C equipment and software |
Disbursements | -- | Loan disbursements for the period/year, not considering rollover of working capital repaid and increase of unused credit limits |
Domestic operations | Domestic | Refers to banking business in Greece and includes retail, corporate and investment banking. Group's domestic operations include operations of the Bank in Greece, Ethniki Leasing S.A (Ethniki Leasing) and Ethniki Factors S.A. (Ethniki Factors) |
Fee Income / Fees | -- | Net fee and commission income |
Forborne | -- | Exposures for which forbearance measures have been extended according to EBA ITS technical standards on Forbearance and Non-Performing Exposures |
Forborne Non-Performing Exposures | FNPEs | Exposures with forbearance measures that meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures |
Forborne Performing Exposures | FPEs | Exposures with forbearance measures that do not meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures and forborne exposures under probation period |
Funding cost / Cost of funding | -- | The weighted average cost of deposits, ECB refinancing, repo transactions, as well as covered bonds and securitization transactions |
General and administrative expenses | GCAs | Administrative and other operating expenses |
Gross Loans | -- | Gross carrying amount of loans and advances to customers at amortised cost before ECL allowance on loans and advances to customers at amortised cost + Loans and advances to customers mandatorily measured at FVTPL |
International operations | -- | International operations include the Group's business in North Macedonia (Stopanska Banka, Stopanska Leasing) and Cyprus (NBG Cyprus) |
Liquidity Coverage Ratio | LCR | The LCR refers to the liquidity buffer of High Quality Liquid Assets ("HQLAs") that a Financial Institution holds, in order to withstand net liquidity outflows over a 30 calendar-day stressed period as per Regulation (EU) 2015/61 |
Loan and other impairments | -- | The sum of credit provisions and other impairment charges, excluding the release of credit provisions and other impairments charges of €71m related mainly to HfS transactions and subsidiaries portfolio sales in FY25 |
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 |
MREL | -- | The minimum requirement for own funds and eligible liabilities under the BRRD |
Net Interest Margin | NIM | Net interest income over average total assets, which are calculated as the sum of the monthly average total assets. For 2Q-4Q25 and 1Q26, NIM is calculated over average tangible assets |
Net Stable Funding Ratio | NSFR | The NSFR refers to the portion of liabilities and capital expected to be sustainable over the time horizon considered by the NSFR over the amount of stable funding that must be allocated to the various assets, based on their liquidity characteristics and residual maturities |
Net Interbank | -- | Due from banks less Due to banks |
Net Loans | -- | Loans and advances to customers |
Net NPEs | -- | NPEs minus ECL allowance for loans and advances to customers at amortised cost |
Non-Performing Exposures | NPEs | Non-performing exposures are defined according to EBA ITS technical standards on Forbearance and Non-Performing Exposures as exposures that satisfy either or both of the following criteria: (a) material exposures which are more than 90 days past due, (b) the debtor is assessed as unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any past due amount or of the number of days past due. It excludes loans and advances to customers mandatorily measured at FVTPL. |
Non-Performing Exposures Coverage Ratio | NPE coverage | ECL allowance for loans and advances to customers at amortised cost divided by NPEs at year / period end |
Non-Performing Exposures Organic Formation | NPE organic formation | NPE balance change at year end / period end, excluding sales and write-offs |
Non-Performing Exposures Ratio | NPE ratio | NPEs divided by loans and advances to customers at amortised cost before ECL allowance and loans and advances to customers mandatorily measured at FVTPL at the end of period |
Non-Performing Loans | NPLs | Loans and advances to customers at amortised cost in arrears for 90 days or more |
Operating Expenses / Costs / Total Costs | OpEx | Personnel expenses + GCAs + Depreciation, excluding the additional social security contributions for LEPETE to e-EFKA and other one-off costs. Operating expenses exclude personnel expenses related to defined contributions for LEPETE to e-EFKA charge (1Q26: €10m, 1Q25: €9m) and other one-off costs (1Q26: €6m, 1Q25: €2m) |
Operating Result / Profit / (Loss) | -- | Total income less operating expenses and loan C other impairments |
Performing Loans / Exposures | PEs | Gross loans less NPEs, excluding senior notes |
Pre-Provision Income | PPI | Total income less operating expenses, before loan C other impairments |
Profit and Loss | PCL | Income statement |
Provisions (Stock) / Loan Loss Allowance | LLAs | ECL allowance for impairment on loans and advances to customers at amortised cost |
Risk Weighted Assets | RWAs | Assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013 |
Tangible Equity / Book Value | TBV | Equity attributable to NBG shareholders less goodwill, software and other intangible assets |
Taxes | -- | Tax benefit / (expenses), excluding non recurring withholding taxes |
Total Capital Ratio | CAD | Total capital as defined by Regulation No 575/2013 over RWAs, including the period PAT |
Trading and Other Income | The sum of (i) Net trading income/ (loss) and results from investment securities, (ii) Gains/ (losses) arising from the derecognition of financial assets measured at amortised cost, (iii) Net other income/ (expense) and (iv) Share of profit/ (loss) of equity method investments, excluding NBG Egypt branch FX recycling of -€70m in 1Q25 |
Disclaimer
The information, statements and opinions set out in the Press Release have been provided by National Bank of Greece S.A. (the "Bank") together with its consolidated subsidiaries (the "Group"). They serve informational purposes only and should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing, or selling securities or other financial products or instruments and do not take into account particular investment objectives, financial situation or needs. It is not a research report, a trade confirmation or an offer or solicitation of an offer to buy/sell any financial instruments.
Accuracy of Information and Limitation of Liability
Whilst reasonable care has been taken to ensure that its contents are true and accurate, no representations or warranties, express or implied are given in, or in respect of the accuracy or completeness of any information included in the Press Release. To the fullest extent permitted by law in no circumstances will the Bank, or any of its respective subsidiaries, shareholders, affiliates, representatives, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the Press Release, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith.
Recipients of the Press Release are not to construe its contents, or any prior or subsequent communications from or with the Bank or its representatives as financial, investment, legal, tax, business, or other professional advice. In addition, the Press Release does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of the Bank. Recipients of the Press Release should consult with their own advisers and should each make their own evaluation of the Bank and of the relevance and adequacy of the information.
The Press Release includes certain non-IFRS financial measures. These measures are presented in this section under "ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used" and may not be comparable to those of other credit institutions. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures but should not be considered a substitute for results that are presented in accordance with IFRS. Due to rounding, numbers presented throughout the Press Release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figure.
Forward Looking Statements
The Press Release contains forward-looking statements relating to Management's intent, belief, or current expectations with respect to, inter alia, the Bank's businesses and operations, market conditions, results of operation and financial condition, capital adequacy, risk management practices, liquidity, prospects, growth and strategies ("Forward Looking Statements"). Forward Looking Statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "may", "will", "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "would", "could" or similar expressions or the negative thereof.
Forward Looking Statements reflect knowledge and information available at the date of the Press Release and are subject to inherent uncertainties and qualifications and are based on numerous assumptions, in each case whether or not identified in the Press Release. Although Forward Looking Statements contained in the Press Release are based upon what Management of the Bank believes are reasonable assumptions, because these assumptions are inherently subject to significant uncertainties and contingencies, including risks that are difficult or impossible to predict and are beyond the Bank's control, no assurance can be provided that the Bank will achieve or accomplish these expectations, beliefs or projections. Risks to the outlook are primarily related to persistent geopolitical tensions at the global level, including the ongoing conflict in the Middle East, which has contributed to renewed upward pressures on energy prices, accelerating inflation, and heightened energy-supply risks. Moreover, a potential resurgence of tariff-related uncertainty, together with a possible re-pricing of risk in global financial markets, could adversely affect investor sentiment and financing conditions. Financial asset valuations could also prove sensitive to uncertainty surrounding AI, particularly if returns on related investments fall short of initial expectations or key assumptions - notably with respect to the future trajectory of monetary policy rates and credit risk premia - deviate materially from baseline scenarios. Moreover, a number of developed and emerging economies are facing increasing fiscal challenges, which could result in abrupt increases in long-term sovereign bond yields, tighter financial conditions, and a rise in debt-servicing burdens. Finally, uncertainty over the scope of actions that may be required by us, governments, and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying technological and industrial and governmental standards and regulation.
Therefore, these events constitute additional factors that could cause actual results to differ materially from the ones included in the Forward Looking Statements. Forward Looking Statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. The Bank's actual results may differ materially from those discussed in the Forward Looking Statements. Some important factors that could cause actual results to differ materially from those in any Forward Looking Statements could include, inter alia, changes in domestic and foreign business, market, financial, political and legal conditions including changing industry regulation, adverse decisions by domestic or international regulatory and supervisory authorities, the impact of market size reduction, the ability to maintain credit ratings, capital resources and capital expenditures, adverse litigation and dispute outcomes, and the effect of such outcomes on the Group's financial condition. There can be no assurance that any Forward Looking Statement will be realized, and the Bank expressly disclaims any obligation or undertaking to release any updates or revisions to any Forward Looking Statement to reflect any change in the Bank's expectations with regard thereto or any changes in events, conditions, or circumstances on which any Forward Looking Statement is based. Accordingly, the reader is cautioned not to place undue reliance on Forward Looking Statement.
No Updates
Unless otherwise specified all information in Press Release is as of the date of the Press Release. Neither the delivery of the Press Release nor any other communication with its recipients shall, under any circumstances, create any implication that there has been no change in the Bank's affairs since such date. Except as otherwise noted herein, the Bank does not intend to, nor will it assume any obligation to, update the Press Release or any of the information included herein.
The Press Release is subject to Greek law, and any dispute arising in respect of the Press Release is subject to the exclusive jurisdiction of the Courts of Athens.
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