1H25 Financial Results

Key financial highlights 

• 1H25 Group PAT¹ at €0.7b, flat yoy, on the back of resilient income absorbing lower rates  

• 1H25 NII lower by 9% yoy, in line with our FY25 guidance, reflecting sharply lower market interest rates (-150bps yoy on average 3M Euribor); accelerating 2Q25 PE expansion of c€1.2b² (+€1.5b² ytd in 1H25) acts to partly mitigate the rate impact, along with an increasing contribution from NMD hedges and a gradual pick up in the time deposit repricing pace 
• 1H25 fee income growth at +8% yoy, or +14%³ yoy on a like-for-like basis, with retail and corporate fees performing strongly, spearheaded by the cross sell of investment products (investment fees +66% yoy), card fees (+11% yoy) and corporate lending fees (+37% yoy) 
• Recurring OpEx up +5%⁴ yoy in 1H25 aligns with our guidance, reflecting our continued investment in human capital through onboarding of new talent via hires, variable remuneration, as well as ongoing investments in class leading IT and digital infrastructure
• 1H25 C:I at 31%, or 33% normalized for 1H25 trading income, on the back of top line resilience
• 1H25 CoR at 43bps (40bps in 2Q25) reaffirms our strategy for gradual normalization and limited volatility, reflecting benign asset quality conditions and class leading coverages across stages
• RoTE¹ at 17.5% or 16.3% normalized for 1H25 trading gains (before adjusting for excess capital), well above our FY25 guidance of >13%, now revised to >15%

• Highly liquid and robust Balance Sheet with capital buffers, providing strategic flexibility

• 1H25 performing loans up by a solid +12%² yoy, or €1.5b² ytd (€1.2b² in 2Q25) compares favorably with our revised FY25 PE expansion target of >€2.5b (from >€2b), also factoring in a strong corporate pipeline and with retail PEs up in the low sds in 1H25; loan disbursements at €4.0b in 1H25 (€2.4b in 2Q25)
• Deposits are up by €1.2b yoy⁵ reflecting continued growth in low-cost savings accounts and the absence of corporate client balance sheet optimization in 2Q25
• Term deposit yields at 165bps in 2Q25; our funding cost dropped further in 2Q25, reaching 65bps   
• Exposure to fixed income securities of €20b acts to partially mitigate the impact on NII from lower interest rates, while our ample net cash position is set to fund further loan expansion
• NPE ratio at 2.5%, near the FY25 target of <2.5%, allowing for a gradual CoR normalization to 40bps in 2Q25
• Highest coverage across stages by European standards provides resilience and comprise yet another strength of NBG’s balance sheet

• CET1 at 18.9%, total capital ratio at 21.7%

• CET1 at 18.9%, +c20bps higher qoq, absorbs 60%⁶ payout accruals as well as accelerated DTC amortization and RWA expansion; total capital ratio at 21.7%
• MREL ratio at 28.4%, fulfilling the final MREL target of 26.8% 

• Our Transformation Program supports the delivery of sustainable results

• In Corporate, we continue to optimize our credit origination and loan administration processes in Greece, aiming to further improve time-to-money, while we strengthen our commercial and operational set up in Greece and Cyprus to accelerate growth of international syndicated loans and project finance
• In Retail, we launched a new remote channel “live banking” focusing on sales and servicing of digitally oriented customers and strengthened frontline RMs in branches
• We are fortifying our leading position in digital banking with the launch of an upgraded Business Internet Banking, as well as the ramp up of Next by NBG - our dedicated mobile app for youth. Digital active users exceeded the 3.2m mark as of 2Q25, while cumulative digital sales reached 2.0m units
• Our strategy on new partnerships provides a solid foundation for growth in targeted ecosystems, most recently with the commercial launch and ramp up of the Uniko housing platform (JV with Qualco), while more than 770 embedded banking agreements continue to provide a competitive advantage for NBG
• Migration to our new Core Banking System is nearing completion (expected in 1Q26) and in parallel we continue to upgrade our workflow systems and introduce GenAI use cases across the Bank
• On the ESG front, we successfully completed the issuance of our 3rd Green Bond of €750m, while continued scaling-up our social efforts, including support for the Marieta Giannakou program for the renovation of public sector schools, and the completion of the 15th NBG Business Seeds Innovation & Technology Competition

“The Greek economy remains on a resilient growth trajectory amid global headwinds, with leading indicators suggesting continued growth momentum. Buoyant labor market supports household disposable income and consumption, while corporate activity remains strong. With fiscal and monetary conditions becoming more supportive and fixed capital investment set to gain traction in 2H25 and 2026, Greece is well-positioned to transition towards a more investment-driven and innovation-oriented growth model. Moreover, continued structural reforms, EU fund absorption, and an improving credit environment are expected to further bolster productivity and competitiveness.

Leveraging Greece’s favorable macroeconomic backdrop and our judicious ALM strategy, we delivered a strong performance in 1H25, allowing us to revise upward several KPIs of our FY25 guidance. Specifically, resilient income absorbed rate cuts, led by accelerating loan growth, particularly in business lending, and buoyant fee income. Thus, our PAT remained at €0.7b, the same level as 1H24, and RoTE stood at 16.3% against the initial FY25 target of >13%, now revised up to >15%. This strong first-half performance sets solid grounds for sustained value creation going forward.

Our class leading capital buffers --a distinct strength of the Bank-- kept increasing on the back of strong profitability. CET1 settled at 18.9%, up by c60bps since the beginning of the year, providing strategic optionality as regards organic reinvestment, capturing value-accretive opportunities as well as enhancing capital returns. In this context, we intend to distribute an interim dividend1 in 4Q25.

Looking into 2H25 and beyond, we remain firmly committed to investing in technology and human capital as key enablers of long-term growth and value creation, enhancing our digital capabilities, and delivering an exceptional customer experience that meets the evolving needs of households and businesses. With a strong balance sheet and a clear strategic vision, we are well-positioned to deliver value for our shareholders, while contributing meaningfully to the country’s economic and structural transformation.”

Pavlos Mylonas
Chief Executive Officer, NBG

1: Before one-offs | 2 Adjusting for FX impact | 3 Excluding the negative impact of State measures on payments (-€12m yoy in 1H25) | 4 Normalizing for variable pay accruals in 1H24 and the delayed exits from the 4Q24 VES expected to occur in 2H25 | 5 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25| 6 Subject to AGM and regulatory approvals