Key financial highlights
• 1Q26 PAT¹ at €344m on top line resilience; RoTE1 at 15.3%2 (16.3% reported)
- 1Q26 NII up +2% qoq continues on a recovery trend on the back of recent healthy asset growth, while NIM has broadly stabilized as spread compression has waned; these trends will continue while base rate upward tendency, if maintained, will provide further support
- Fee income growth sustained in the high sds (+8% yoy) in 1Q26, driven by continued investment product growth, leveraging cross selling capabilities, yielding impressive mutual fund market share gains of +0.7ppts ytd and +7.0ppts since YE23; qoq decline reflects negative base effect due to high 4Q25 seasonal loan origination
- 1Q26 OpEx +8.4% yoy, balances cost discipline with our commitment to invest in people through the onboarding of new talent (leveraging VES offerings) and variable pay, as well as in technology and digital infrastructure, enhancing productivity, commercial effectiveness, digital offering and cyber risk security
- 1Q26 C:I of 35.7%2 (34.3% reported) is well inside our FY26 guidance
- 1Q26 CoR at 39bps, flat qoq, reflects benign asset quality conditions and sector-leading coverages across stages
- RoTE1 at 15.3%2 (16.3% reported), or 20.0% adjusting for excess capital, comfortably supports FY26 guidance of c15%
• Our robust Balance Sheet provides security during uncertain times and strategic flexibility
- Despite geopolitical uncertainty, 1Q26 disbursements accelerated relative to 1Q25, up by nearly +50% yoy, yielding a credit expansion of +€0.5b qoq on a seasonally weak quarter; disbursements in Apr26 continued to be strong, providing comfort towards fulfilling our FY guidance; 1Q26 expansion was driven by corporates, while our retail business was also supportive (disbursements +c30% yoy), driven by market share gains in mortgages, SBs, and consumer lending
- Deposits, up by +€2b yoy, remain resilient on the back of low-cost core deposit growth, while time deposit migration to mutual funds continues alongside impressive mutual fund market share gains of >7ppts since YE23 and >70bps ytd, benefitting fee generation as well as funding mix and cost
- Term deposit yield stabilized qoq, pushing our total funding cost below 70bps on superior mix
- Fixed income securities at c€25b, grew in alignment with B/S dynamics, leveraging our liquidity to provide incremental support to our NII going forward alongside credit growth
- NPE ratio at 2.4%, reflects benign asset quality trends; NBG’s high coverage across stages by European standards provides resilience in times of uncertainty
• CET1 at 17.4%, total capital ratio at 21.1%
- Strong organic capital generation continues in 1Q26 (+40bps qoq), with CET1 at 18.4% post 60%3 payout accrual; pro forma for the €300m4 special buyback that will commence in June, CET1 and Total Capital ratios stand at 17.4% and 21.1%, respectively
- MREL ratio at 28.8%, above our MREL requirement of 26.7%
• Our Transformation Program supports the delivery of sustainable results
- In Corporate, we are accelerating RRF and International Corporate lending, further strengthening fee generation through comprehensive digital and Global Markets offerings for corporate clients
- In Retail, we are enhancing our service model for small business clients with new sales roles, further increasing sales orientation across channels with new tools in branches and AI use cases in digital banking and the contact centre
- Our leading digital franchise exceeds 4.6m subscribers and 3.3m active users, powered by our next-generation Retail Mobile Banking app, our new Business Internet Banking platform and our enhanced “Next” app for the youth segment
- Migration to our new Core Banking System (CBS) nears completion, accelerating workflow platforms modernization and GenAI use cases and further optimizing back-office processes
• ESG strategy
- On Climate & Environment, we continue financing the energy transition of the Greek economy and offering sustainable financing to Corporate & Retail clients, while pursuing transformative interventions in our own operations, all in line with our Net Zero vision, decarbonization strategy and interim goals
- On Social Responsibility, we continue investing in initiatives with a significant social impact, including the 2nd Phase of the “Marietta Giannakou” programme, aiming to reach a total of c670 renovated schools in 2025-26 impacting more than 145,000 students across the country, the renovation and energy upgrade of the Athens Olympic Swimming Centre in collaboration with the Hellenic Olympic Committee, aiming to support the preparation of national polo and swimming teams ahead of the 2028 Olympics, and provide new facilities for the city of Athens
1 Before one-offs | 2 Normalized for 1Q26 high trading income | 3 FY26 payout level to be determined at YE26, subject to AGM and regulatory approvals | 4 Subject to regulatory approvals
Pavlos Mylonas
Chief Executive Officer, NBG:
“The Greek economy entered 2026 supported by strong carry effects and solid fundamentals, remaining firmly on track for another year of solid growth outperformance relative to the euro area. In the face of renewed geopolitical uncertainty, Greece benefits from enhanced adaptability, supported by solid fiscal buffers and strengthened financial positions across the private sector. Key positive catalysts include peak Recovery and Resilience Facility (RRF) deployment, supportive financing conditions and a strong pipeline of investment projects. At the same time, structural improvements in the energy sector as well as export and tourism diversification further reinforce resilience against emerging risks, allowing Greece to remain in the expansionary phase of the investment cycle.
Within this backdrop, our solid performance in the first three months of 2026 underscores the strength of the Greek economy and our Balance Sheet, setting the stage towards achieving our FY26 guidance. Our 1Q26 PAT amounted to €0.34b1, translating into an earnings per share of €1.431,2, with the return on tangible equity (RoTE) at 15.3%1,2, or 20.0% adjusting for excess capital. This performance reflects accelerating NII recovery, leveraging our recent healthy credit expansion, complemented by continued strength in fee and non-interest income generation.
Our capital position remains a key comparative advantage, balancing superior shareholder returns with strong capital buffers in an uncertain geopolitical environment, providing resilience as well as significant strategic optionality. With our capital build-up phase now behind us, we are shifting our focus towards the active deployment of our excess capital. Consistent with this strategy, our CET1 settled at 17.4%3 in 1Q26, incorporating class leading distributions to our shareholders totaling €1b4 through cash and buybacks, reaffirming our commitment to gradually utilize our capital buffers.
At the same time, we have taken a significant step in enhancing our fee-generating capabilities, singing an MoU that sets out our intention to enter into a long-term strategic partnership with leading global insurer Allianz. This has been complemented by the signing of an MoU that sets our intention to acquire a 30% minority stake in Allianz European Reliance, subject to regulatory approvals. This strategic partnership is expected to drive a meaningful uplift in our insurance income (c4x), supported by access to a comprehensive, market-leading product suite, whilst leveraging Allianz’s expertise in products and sales as well as advanced digital capabilities, facilitating the transition and new product offerings. From a financial perspective, the partnership is set to add more than 50bps in our RoTE, delivering an EPS accretion of +4%. Moreover, it strengthens our ability to deliver enhanced, customer-centric insurance solutions while maintaining a capital-light model, contributing to sustainable earnings growth and long-term value creation for our shareholders.
In an environment defined by heightened geopolitical uncertainty, our strategic priority remains unequivocal: to strengthen our role as a trustworthy financial partner to the Greek economy while continuing to evolve as a forward-looking, technologically advanced institution. As we complete the migration to our new Core Banking System, we are positioned well ahead of our European peers, enabling fast product innovation and greater operational resilience. At the same time, our sustained investment in our people and digital transformation enhances execution across all levels of the organization, ensuring that we deliver high end services to our clients. These efforts strengthen our capacity to expand lending in a disciplined manner, support households and businesses more effectively and navigate geopolitical volatility with confidence, creating value for our customers and shareholders.”
1 Before one-offs | 2 Normalized for 1Q26 high trading income | 3 Pro forma for the €300m special buyback to commence in Jun26, subject to regulatory approvals | 4 Interim cash dividend of €200m paid in Nov25, remaining cash dividend of €264m for FY25 to be paid out on June 12th, recurring buyback of €232m and special share buyback of €300m to commence in Jun26, subject to regulatory approvals