National Bank announced organic profits after taxes of 983 million euros in the first nine months of 2024 (15% annual increase).
Following are the main financial figures, based on the financial results announced by the National Bank:
-Group organic profit after tax of ~€1bn in 9M 2024 (+15% YoY) as a result of resilient net interest income and strong fee income
-In Q3 2024, net interest income saw a marginal increase compared to the previous quarter, despite falling Euribor rates (-40bp from Q4 2023 highs), reflecting higher average loan balances, increased bond income, the improvement of the deposit mix, as well as the successful refinancing of the MREL bonds.
-CoR at 52bps in 3Q24 (54bps in 9M24) reflecting favorable asset quality trends, also well inside FY24 guidance of <60bps
-Core RoTE of 17.5% in 9M24 (before adjusting for excess capital)
Pavlos Mylonas Chief Executive Officer, NBG, stated:
“Growth in Greece remains strong, with GDP gaining momentum in 2Q24. Business has been leading activity so far, including sizable, fixed capital investment, with a strong labor market having followed suit. It is important to note that solid fiscal performance results in further risk re-rating of the economy, increasing its attractiveness, despite the challenging external environment. Our recent placement of a 10% stake in our share capital attracted strong and broad-based demand from high quality investors. The success of the transaction reflects the confidence investors have in the Greek economy, as well as in NBG’s strong fundamentals, clear strategy, and credibility in executing.
In 3Q24, we delivered a solid set of financial results, with our strong capital position and highly liquid balance sheet remaining key comparative advantages. Core PAT reached c€1b in 9M24, up by +15% yoy, tracking well with respect to the FY24 guidance. This performance was due to NII displaying resilience to lower market rates, as the impact was offset by strong loan volumes, with disbursements exceeding €5b in 9M24. The solid results also reflect mid-teens growth in fees as well as continued normalizing credit risk charges, complemented by cost discipline. Our very strong capital ratios kept increasing, with CET1 reaching 18.7%, while Total Capital ratio stood at 21.5%, up +130bps ytd, post a 40% accrual. Our strong organic capital generation provides us with significant strategic flexibility, including with regards to returning capital to our shareholders. As we look into the future, our advanced investments in technology and our dedicated people remain at the heart of our strategy, enabling us to enhance efficiency and responsiveness in an ever-evolving market, and to deliver on customer experience. We remain dedicated to playing a pivotal role in supporting the Greek economy, as well as to actively invest in community development initiatives and sustainability projects that promote growth and stability.”
