National Bank of Greece posts 996 million euro nine-month profit, pays 230 million interim dividend

Nine-month profit beats targets

National Bank of Greece reported adjusted net profit after tax of 996 million euros for the first nine months of 2026. Management said the bank beat its targets on all key indicators, including net interest margin, earnings per share and return on tangible equity. Earnings per share were 1.48 euros according to Kathimerini and 1.47 euros according to NEWS 24/7, both against a 2026 target of 1.40 euros. Return on tangible equity reached 15.7%, above a target of more than 15%, and about 20.7% once surplus capital of roughly 2 billion euros is counted, per NEWS 24/7. Chief executive Pavlos Mylonas presented the figures to analysts on 4 November.

EPS, nine months (Kathimerini)1.48

EPS, nine months (NEWS 24/7)1.47

2026 EPS target1.4

EPS, nine months (Kathimerini)

1.48 EUR

EPS, nine months (NEWS 24/7)

1.47 EUR

2026 EPS target

1.4 EUR

Data from the article text

Lending and deposits

Performing loans across the group totalled 39.2 billion euros, up 13% year on year, despite a seasonal slowdown in lending in the third quarter and early repayments of business loans. Loan disbursements rose 28% to 7.9 billion euros in the nine months, driven mainly by corporate lending to energy, infrastructure, shipping and hotel projects. Retail disbursements increased 12% to 1.8 billion euros, lifting performing retail loans by 300 million euros, or 4%, year on year. Deposits grew 7% annually, with sight and savings deposits up 3.9 billion euros. The bank expects net credit expansion to exceed 3 billion euros by the end of the year and holds about 2.5 billion euros of approved business loans that have not yet been disbursed.

Interest income, fees and costs

Net interest income rose 5% year on year over the nine months, in line with the bank's 2026 target. In the third quarter alone it grew 6% from the previous quarter, helped by quarterly Euribor rates up 28 basis points. The net interest margin widened to 288 basis points, 15 basis points above the second quarter. Fee income increased 10% over the nine months, while mutual fund assets rose more than 40% year on year. Operating expenses grew 8%, which the bank said matched its plan. The bank also said its cost of funding stayed below 70 basis points, the lowest in the domestic market, and its non-performing exposure ratio was 2.4%.

Dividend and capital

The bank will pay an interim dividend of 230 million euros on 20 November, about 0.26 euros per share, 18% more than a year earlier. The CET1 capital ratio stood at 17.5% after the provision for the distribution. Management estimates surplus capital at around 450 basis points, and says that buffer supports both shareholder payouts and organic growth. It also leaves room for selective moves that would add value and widen revenue sources. The payment date is set for 20 November.

Outlook

Mylonas tied the bank's performance to the wider economy, saying in a statement:

“The Greek economy continued to show remarkable resilience, maintaining its growth outperformance against the euro area”

Management also pointed to steady investment activity as support for lending. Further boosts are expected from loan repricing, the path of interest rates and faster new lending in the fourth quarter. Details of the new business plan and strategic moves are expected in February 2027.