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National Bank of Greece (ETE) investor relations material
National Bank of Greece Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Profit after tax reached €700M in 1H25, flat year-over-year, supported by resilient income, strong fee growth, and robust capital and liquidity positions, with CET1 at 18.9% and NPE ratio at 2.5%.
Upgraded FY25 guidance for return on tangible equity (>15%), EPS (c€1.4), and performing loan expansion (>€2.5b), with payout ratio raised to 60% and interim dividend planned for Q4 2025.
Transformation and digital initiatives, including core banking system upgrade and digital partnerships, drive operational efficiency and customer engagement.
ESG initiatives advanced, highlighted by €750m green bond issuance and increased sustainable financing.
Greek economy remains resilient, with GDP growth above 2%, robust labor market, rising wages, and strong corporate investment.
Financial highlights
Net interest income declined 9% year-over-year to €1,080m due to lower benchmark rates; fee income grew 14% year-over-year (adjusted), driven by investment products, credit origination, and card fees.
Cost-to-income ratio at 31.2% (32.5% normalized), with operating expenses up 5–7% year-over-year.
ROTE at 17.5% (16.3% normalized), exceeding revised FY25 target; EPS at €1.43.
Performing loans grew 12% year-over-year in H1 2025; NPE coverage at 99.8–100%.
Payout ratio increased to 60%, with interim dividend planned for Q4 2025.
Outlook and guidance
Upgraded 2025 guidance: ROTE >15%, EPS c€1.4, cost of risk <45bps, and performing loan expansion >€2.5b.
Net interest income expected to see a slight decline in Q3, then stabilize; 9% year-over-year decline for 2025.
Interim dividend of about one-third of 2025 payout planned for Q4, subject to regulatory approval.
Capital position expected to remain strong, supporting higher payouts and strategic flexibility.
NPE ratio guidance maintained at <2.5%.
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