Key financial highlights
• 9M25 Group PAT1 at c€1.0b, absorbing benchmark rate normalization
- 9M25 NII lower by -9.8% yoy, aligns with our FY25 guidance, reflecting market interest rates moving lower by c150bps yoy in 9M25; NII evolution in 3Q25, lower by just -0.9% qoq, is consistent with an NII trough assuming rates stabilize at current levels; PE expansion of c€1.8b² in 9M25 is set to accelerate considerably in 4Q25, comfortably fulfilling our guidance for a PE expansion of >€2.5b; time deposit repricing continued in 3Q25 as market rates bottom out
- 9Μ25 Fee income growth continues to be strong, at +14% yoy (+8% yoy reported), excluding the impact from State measures on payments (-c€18m in 9M25); investment product fees spearheaded growth, up by +74% yoy, with our successful cross selling leading to strong mutual fund market share gains
- Recurring OpEx up by +6.5%³ yoy (+7.3% yoy reported), reflecting continued investment in human capital and future-looking investments in IT and digital infrastructure that benefit our productivity and efficiency, commercial effectiveness, digital capability and cyber-risk security
- C:I at 32.8% in 9M25, or 33.3% normalized for 1H25 trading income, broadly aligned with FY25 guidance
- 9M25 CoR at 41bps (37bps in 3Q25) reaffirms our strategy for gradual normalization and limited volatility, reflecting benign asset quality conditions and sector leading coverages across stages
- RoTE1 at 16.1%, or 15.6% normalized for 1H25 trading gains and before adjusting for excess capital, bodes well with our FY25 guidance of >15%
• Our robust Balance Sheet provides strategic flexibility
- 9M25 PEs up by a solid +12%2 yoy, or +€1.8b2 ytd, despite seasonality in 3Q25; strong corporate pipeline of approved but yet to be disbursed credit set to accelerate PE expansion in 4Q25
- Deposits up by +€1.4b yoy, driven by sustained low-cost core deposit growth (+€1.8b yoy), leading to a positive mix effect (core / total deposits at 81%); time deposit migration to mutual funds continues
- Retail FuMs4 higher by a solid +€2.2b yoy lead to a meaningful increase in market share
- Term deposit yields drop to 154bps in 3Q25 (-11bps qoq) leading our 3Q25 total deposit cost to <30bps and our funding cost to <60bps, both at the lowest level in the Greek space
- Exposure to fixed income securities, leveraging our ample cash position, provides incremental support to our NII, along with further time deposit repricing in 4Q25
- NPE ratio at 2.5%, reflecting benign asset quality trends; highest coverage across stages by European standards provides resilience and comprise yet another strength of NBG’s balance sheet
• CET1 at 19.0%, total capital ratio at 21.8%
- CET1 at 19.0%, +c10bps higher qoq despite a 60%5 payout accrual in 9M25; total capital ratio at 21.8%
- MREL ratio at 28.5%, +170bps above the 3Q25 MREL target of 26.8%
• Our Transformation Program supports the delivery of sustainable results
- In Corporate, we are implementing further improvements to our service and operating model, including enablers to accelerate the growth of our international lending portfolio
- In Retail, we are reshaping our customer experience through a new individuals’ service and operating model, featuring a new 'live banking’ remote video channel and further shifts of customer requests to our call center, both increasing the value-added sales capacity and efficiency of the branch network; in parallel, we are progressing with the migration of our Wealth business to a modern platform, which will support its expansion
- Our leading digital franchise exceeds 4.4m subscribers and 3.2m active users, enabled by a new retail mobile banking platform and an upgraded business internet banking platform, resulting in the leading embedded sales channel in Greece
- Our extensive technology transformation continues to advance, with the new Core Banking System (CBS) nearing completion (expected 1Q26) and the accelerated deployment of GenAI use cases, including the launch of the Sophia chatbot on our public site
• ESG strategy
- On Environmental and Climate, we remain at the forefront of sustainable energy financing and keep supporting the transition of the Greek economy, remaining focused on achieving our CO2 reduction targets, while we are concluding the allocation of our 2nd Green Bond of €650m (issued in 4Q24)
- On Social Responsibility, we actively supporting social initiatives, including an aggregate €50m donation in 2024 and 2025 for the public schools’ renovation programme “Marietta Giannakou”, as well as support the National Emergency Aid Centre (EKAV) and the restoration of areas affected by wildfires in the island of Chios
Pavlos Mylonas - Chief Executive Officer, NBG:
“The Greek economy remains resilient and adaptive to global geopolitical pressures, with domestic fixed capital formation and business activity continuing to strengthen. Impressively, tourism remains on track for record highs, with goods’ exports remaining resilient despite external headwinds, reflecting the competitiveness of the Greek corporate sector. Moreover, households’ financial position continues to strengthen, supported by buoyant labor market conditions, while supportive fiscal and monetary policies as well as easing financial conditions and continued foreign investment inflows further strengthen Greece’s growth outlook.
Our performance in the first nine months of 2025 reflects the strength of the Greek economy and of our franchise, laying the foundation for the delivery of our recently upgraded FY25 targets. Profitability remained on a solid trajectory, with the top line displaying resilience to sharply lower interest rates, leveraging on solid loan growth and complemented by sustained momentum in fees. Group PAT1 reached c€1.0b in 9M25, while our RoTE settled at 15.6%2, comparing favorably with our revised FY25 guidance of >15%.
Our capital position remains a comparative strength, with the CET1 ratio up by +70bps ytd to 19.0%, providing strategic optionality as regards incremental organic growth, value-accretive opportunities and enhanced capital returns. In this context, we will distribute an interim dividend3 of €200m on November 14th and are accruing for a 60%4 payout.
Looking ahead, we are well positioned to build on this strong momentum as we enter the final quarter of the year. Our focus remains on building the foundations for sustainable growth through continued investment in technology and human capital, enhancing the banking experience for our customers through digital transformation, building a stronger and more innovative bank for the future. Our solid capital base, disciplined execution, and clear strategic vision provide confidence in our ability to deliver sustainable value for our shareholders whilst supporting Greece’s energy transition, infrastructure development, and innovation ecosystem.”
1 Before one-offs | 2 Before one-offs, normalized for high 1H25 trading income | 3 Subject to regulatory approvals |4 Subject to AGM and regulatory approvals