- Group profit after tax reached €1.0bn in the first nine months of 2026, reflecting strong momentum in organic income, with return on tangible equity at 15.7%.
- Net interest income accelerated strongly in the third quarter of 2026, rising 6% quarter on quarter, reflecting higher benchmark interest rates (three-month Euribor: +28 basis points quarter on quarter) and healthy credit growth (+13% year on year). The net interest margin strengthened significantly, reaching 288 basis points in the third quarter of 2026, up 15 basis points from the previous quarter. For the first nine months, the 5% year-on-year increase in net interest income is in line with our target for 2026. The apparent upward trend in interest rates, together with the ongoing repricing of our balance sheet and the expected acceleration in credit growth in the fourth quarter of 2026, provides further support for net interest income.
- Net fee and commission income maintained its double-digit momentum in the first nine months of 2026 (+10% year on year), with third-quarter 2026 income remaining broadly at the second-quarter level despite a high comparison base from loan pre-approvals related to the completion of the Recovery and Resilience Facility (RRF) programme, as well as strong capital markets activity in the previous quarter. In Retail Banking, growth in fee income continues to reflect cross-selling investment products to our broad deposit base, with National Bank of Greece’s mutual funds recording growth of more than 40% year on year in the first nine months of 2026. For the first nine months, the 10% annual increase in fee income exceeded our target for 2026.
- Operating expenses rose 8% year on year in the first nine months of 2026, in line with our target for the year. This balanced cost control with our commitment to investing in human capital, while maintaining our leading position in investment in technology and digital infrastructure. These investments boost productivity, commercial effectiveness and digital capabilities, while strengthening the Bank’s defences against cyber risks. The cost-to-income ratio stood at 34.4%¹, remaining among the lowest in Europe.
- The cost of risk was 38 basis points, within our target for 2026, reflecting continued favourable trends in the quality of our loan portfolio and the Bank’s strong provision coverage ratios, which are among the highest in the market.
- Return on tangible equity of 15.7% compares favourably with our 2026 target of more than 15%, before adjustment for excess CET1 capital (20.7% after adjustment for excess CET1 capital²).
- Our strong balance sheet makes the Bank more resilient in periods of uncertainty.
- Loan disbursements reached €8bn in the first nine months of 2026, up 28% year on year, despite a seasonal slowdown in credit activity in the third quarter of 2026 and early repayments of business loans. The €2.2bn increase in performing loans since the start of the year mainly reflects lending to large corporates and structured financing in the energy, infrastructure and shipping sectors. Our strong pipeline of approved but undisbursed business loans is expected to drive an acceleration in new lending in the fourth quarter of 2026, supporting the achievement of — or potential to exceed — our target of more than €3bn in credit growth for the year.
- Deposits grew 7% year on year, with current and savings account deposits increasing by €3.9bn, mainly reflecting deposits from retail customers for transactional purposes. Term deposits also recorded a small annual increase, despite customers continuing to shift towards the Bank’s mutual funds. At the same time, we continued to gain market share in mutual funds in the third quarter of 2026, with an increase of nearly 100 basis points since the start of the year. Total assets under management rose by almost €2bn over the same period, supporting the generation of sustainable fee income.
- Our cost of funding remained below 70 basis points, the lowest in the domestic market, reflecting the Bank’s strong liquidity profile.
- The NPE ratio stood at 2.4%, reflecting the continued favourable trend in the quality of our loan portfolio in the third quarter of 2026 despite geopolitical uncertainty. NBG also maintains one of the highest provision coverage ratios in Europe across all loan stages.
- The CET1 ratio stood at 17.5%, with the total capital adequacy ratio at 21.2%.
- Strong profitability continued to support organic capital generation in the third quarter of 2026, with the CET1 ratio at 17.5% after provision for a distribution of profits³ — the highest among Greek banks. The total capital adequacy ratio reached 21.2%.
- The Group’s MREL ratio stood at 28.7%, above the 2026 MREL requirement of 26.9%.
- Our Transformation Programme is a significant competitive advantage.
- Building on the capabilities of our new Core Banking System, we continue to invest in cutting-edge technologies. The unified loan origination platform is already live for business and consumer loans, as well as credit cards, and is being extended to mortgages.
- We are accelerating the adoption of artificial intelligence (AI) applications, integrating the “Sofia” digital chatbot assistant into our digital channels and expanding the use of a voice agent at NBG’s customer contact centre. Launched in July 2026, the agent is intended to handle more than 50% of traffic within six months. We are also deploying AI across the Bank’s operations to boost productivity and improve the customer experience.
- In Corporate and Retail Banking, we are driving revenue growth in Greece and international markets by upgrading the Bank’s service model, while also expanding our bancassurance product range as part of our strategic partnership with Allianz Greece.
- Our leading digital platform now has 4.7 million registered users across its digital channels and 3.3 million active users. These use the Mobile Banking app for retail customers, the new Business Internet Banking platform for businesses and the upgraded “Next” app for younger customers, which has 35,600 active users.
- ESG strategy
- Reflecting our continued progress on ESG issues, rating agency MSCI ranked National Bank of Greece as a “Leader” among 641 banks, awarding it the highest rating (AAA).
- On the environment and climate, we continue to support the green transition of the Greek economy. Financing for renewable energy projects has reached €2.6bn, while RRF Green Pillar agreements totalled €1.8bn on completion of the programme. Retail financing for solar panel installations, electric and hybrid vehicles, energy-efficient properties and energy upgrades exceeds €0.5bn.
- As part of our social strategy, we are establishing the National Model Centre for Dementia in Greece with 12 leading Greek institutions. We are also supporting public education by renovating 670 schools to date through the “Marietta Giannakou” programme, launching the “Academy 2030” programme with other systemic banks, and donating three school buildings to the Municipality of Ioannina.
- Our strong corporate governance framework is fully embedded in our corporate culture and operating model, ensuring effective control mechanisms and greater transparency.
As the Bank’s CEO, Pavlos Mylonas, said:
“The Greek economy continued to show remarkable resilience, maintaining its growth outperformance relative to the eurozone despite prolonged geopolitical uncertainty. Economic activity continues to be supported by sustained investment momentum, resilient domestic demand and a strong tourism sector. At the same time, robust fiscal fundamentals, an improved financial position for the private sector and favourable financing conditions — including historically high foreign direct investment inflows and increased capital-raising activity in capital markets — provide a strong foundation for economic activity to maintain its upward trajectory.
Against this backdrop, National Bank of Greece delivered strong financial results in the first nine months of 2026, demonstrating the strength of our business model and the disciplined execution of our strategic priorities. Profit after tax reached €1.0bn¹, with return on tangible equity (RoTE) at 15.7%¹, reflecting an accelerating recovery in net interest income amid a more favourable benchmark interest rate environment, as well as double-digit growth in net fee and commission income. Meanwhile, the quality of our loan portfolio remained resilient, with non-performing exposure inflows stable and the cost of risk at low levels despite the uncertain external environment. These strong results reinforce our confidence that we will exceed the revised targets we have set for 2026 on key financial metrics, including net interest income, the cost-to-income ratio, earnings per share and return on tangible equity. Positive momentum in organic income also creates favourable prospects for 2027.
Our balance sheet remains a key competitive advantage, combining strong capital buffers, robust liquidity and a stable deposit base. Strong organic capital generation adequately covers the expansion of the performing loan portfolio, which is expected to exceed €3bn in 2026, as well as distributions² to our shareholders that rank among the highest in the sector, while preserving significant strategic flexibility. We remain committed to disciplined and targeted use of our capital, prioritising profitable organic growth while also pursuing value-creating opportunities, improving our service offering and diversifying our revenue streams. Finally, the distribution of an interim dividend of €230m, or approximately €0.26 per share, up 18% from 2025, confirms our commitment to steadily increasing shareholder distributions.
Our front-loaded investments in technology and our people are delivering greater adaptability, scalability and long-term profitability. The successful completion of the transition to our new Core Banking System — one of Europe’s most advanced banking platforms, designed for a cloud environment — together with the expanding use of artificial intelligence (AI) applications across our organisation, further strengthens our ability to innovate, improve the customer experience and capture new growth opportunities. Combined with Greece’s favourable structural growth prospects and our strong competitive position, these capabilities strengthen our confidence that we will achieve or exceed our strategic targets, deliver attractive and sustainable returns, and create long-term value for our shareholders, customers and employees.”