National Bank recorded strong financial results in the first half of the year, with profits after taxes reaching 670 million euros, recording an annual increase of 26%. Group organic profit after tax stood at 646 million euros, up 27% year-on-year as a result of strong organic revenue.
Net interest income continued to show resilience against the expected normalizing trend. It decreased by -3% quarter-on-quarter but strengthened by +13% year-on-year to 1.2 billion euros in the first half, absorbing the full impact of customer deposit hedging costs, higher MREL issuances, as well as the lower Euribor rates partially absorbed by the increase in net interest income, as a result of strong disbursements in the second quarter of 2024. The net interest margin stood at 323 bp in the first half of 2024, far exceeding our 2024 target of <290 bp, now upgraded to over 300 bp.
Mylonas: Strong financial results
National Bank’s CEO, Pavlos Mylonas, said that the second quarter developed positively in many areas. “The Greek economy showed signs of strengthening amid further improvement in conditions in the business environment and the labor market, as well as strengthening investments in fixed capital. In addition, the forward-looking indicators of economic activity show that the positive momentum is sustainable. Our country’s strong fiscal credibility and ongoing credit upgrades provide additional protection against foreign risks. In this favorable macroeconomic environment, we once again achieved strong financial results in the first half of 2024,” he said.
