National Bank of Greece SA (OTCPK:NBGIF)

Q4 2024 National Bank of Greece SA Earnings Call Transcript

Feb 28, 2025 / 08:30 AM GMT

Release Date Price: $9.05 (+2.84%)

Transcript

Key Points

Positve

National Bank of Greece SA (NBGPRA.PFD) reported a solid core profit after tax of $1.3 billion in 2024, up by 10% year on year.
The bank's core return on tangible equity reached 17.5%, exceeding the guidance of over 16%.
Net interest income (NII) and net interest margin (NIM) showed resilience to normalizing rates, with a net loan expansion of 3.1 billion euros.
The bank's fee business recorded double-digit growth, with investment product cross-selling increasing fees by nearly 50%.
The capital position was further strengthened, with a CET1 ratio more than 400 basis points above the internal target, providing strategic flexibility for shareholder remuneration.

Negative

The bank faces potential downside risks from geopolitical tensions and a possible recession in Europe, which could impact the 60% payout ratio.
There is uncertainty regarding the impact of AI and digitalization on cost savings, as these are not yet credibly measurable.
The bank's cost of risk is expected to normalize to below 40 basis points, but there is still room for further improvement.
The bank's strategy against dropping rates includes a potential reduction in NII by about 180 to 200 million euros, which could affect profitability.
The bank's ambitious IT and digital transformation plan has led to higher operating expenses, which need to be tightly managed.

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

NBGr.AT - National Bank of Greece SA
Q4 2024 National Bank of Greece SA Earnings Call
Feb 28, 2025 / 08:30AM 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 Yota Yoko's call operator. Welcome and thank you for joining the National Bank of Greece conference call to present and discuss the full year 2024 financial results. At this time, I would like to turn the conference over to Mr. Palos 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 4th quarter, 2024 financial results call.

I'm joined by Jesus Christodoulou, group CFO Greg Papa Gregoris,

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