Q1 2026 National Bank of Greece SA Earnings Call Transcript

May 8, 2026 / 07:30 AM GMT

Release Date Price: €14.29 (+0.25%)

Transcript

Key Points

Positve

National Bank of Greece SA (NBGPRA.PFD) reported a strong first quarter 2026 profit after tax of $344 million, up 23% from the previous quarter.
The bank's return on tangible equity stood at an impressive 20% when adjusted for excess capital.
Loan demand from both corporates and households remained strong, with a double-digit growth rate in loans of 12% year-on-year.
The bank's fee income growth was robust, with investment fees up 60% year-on-year, reflecting significant gains in mutual fund market shares.
A strategic partnership with Allianz is expected to significantly boost fee income, with insurance-related income projected to be four times higher by 2028.

Negative

There is uncertainty regarding the impact of geopolitical tensions in the Middle East on the bank's lending pipeline, particularly in sectors like shipping and tourism.
Operating expenses increased by 8% year-on-year, driven by higher personnel costs and investments in technology.
The bank's net interest margin (NIM) faced pressure from spread compression, although it is expected to stabilize.
The macroeconomic environment remains uncertain, with potential risks from geopolitical volatility affecting asset quality and provisioning models.
The bank's capital position, while strong, will see a slight reduction due to a $300 million special dividend payout.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NBGr.AT - National Bank of Greece SA
Q1 2026 National Bank of Greece SA Earnings Call
May 08, 2026 / 07:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by. I am Yoda Yokoros, call operator. Welcome and thank you for joining the National Bank of Greece conference call to present and discuss the first quarter 2026 financial results. At this time, I would like to turn the conference over to Mr. Pavlos Milonas, CEO of National Bank of Greece. Mr. Milonas, you may now proceed.

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Unidentified_2 [2]
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Good morning, everyone.

Welcome to our first quarter 2026 Financial Results Call.

I'm joined by Christos Christodoulou, Group CFO, Greg

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