National Bank of Greece reported a profit after tax of €996 million for the first nine months of 2026, marking a 2% increase compared to the same period in 2025. The bank’s financial results, announced on November 4, highlight growth in net interest and fee income, alongside an expanded loan book. Excluding non-recurring income and expenses, this performance shows the bank’s resilience and strategic focus on core banking activities.
Return on tangible equity (RoTE) reached 15.7%, while earnings per share climbed to €1.48, a 6% annual rise. These figures exclude non-recurring items. During the third quarter, adjusted profit after tax rose to €335 million, a 6% increase from the previous quarter, reflecting consistent quarterly improvements.
Interest and fee income drive growth
Net interest income for the first nine months of 2026 totaled €1.68 billion, a 5% year-on-year increase. The third quarter alone saw €587 million, up 6% from the second quarter. The bank attributes this growth to rising benchmark interest rates and credit expansion. Notably, the 3-month Euribor increased by 28 basis points quarter-on-quarter, while the net interest margin (NIM) strengthened to 288 basis points from 273 basis points in the prior quarter, showcasing improved interest income efficiency.
Fee income climbed 10% to €371 million as demand for investment products surged. The bank’s mutual funds grew by over 40%, while assets under management increased by almost €2 billion since the start of the year, showing strong wealth management results.
Loan disbursements and performing loans rise
National Bank of Greece’s loan disbursements reached nearly €8 billion in the first nine months of 2026, a 28% annual increase. Performing loans grew by €2.2 billion since the start of the year, reaching €39.15 billion, a 13% annual increase. Corporate lending to large enterprises, alongside structured financing in energy, infrastructure, and shipping, primarily drove this credit expansion. The bank expects new originations to accelerate in the fourth quarter, supported by a pipeline of approved undisbursed corporate loans, targeting net credit expansion of over €3 billion for 2026.
Group deposits reached €62.26 billion at the end of the third quarter, marking a 7% year-on-year increase. Specifically, sight and savings deposits grew by €3.9 billion relative to the corresponding prior-year period, while term deposits showed a modest increase, reflecting customer preference for liquidity. Concurrently, the Non-Performing Exposure (NPE) ratio held steady at 2.4%, with provision coverage standing at 103%, indicating strong asset quality management.
Digital transformation and shareholder returns
The bank’s digital transformation, with investments totaling over €1.3 billion since 2020, includes the migration to a new Core Banking System and expanded AI implementations. Initiatives like the digital assistant “Sofia” and a voice assistant aim to handle over 50% of inbound customer service volume within six months. The bank’s digital platform now counts 4.7 million registered users, of whom 3.3 million are active, showing its growing digital footprint.
National Bank of Greece declared an interim dividend of €230 million, up 18% from 2025. This payout represents 60% of 9M2026 earnings, though the final distribution for the year will be decided at the end of 2026 and is subject to approval by the 2027 AGM. A €530 million share buyback is in progress, with about 40% completed. The bank’s surplus capital is estimated at €2 billion, offering room for balance-sheet growth and shareholder payouts.
