The following is a summary of the National Bank of Greece S.A. (NBGIF) Q1 2024 Earnings Call Transcript:
Financial Performance:
National Bank of Greece reported a Q1 2024 group core profit after tax of 320 million, against full-year guidance of 1.2 billion.
Total profit after tax stood at 360 million, implying a core return on tangible equity of 17.6%, beating the full year guidance of over 15%.
Driven by a 22% year-on-year increase in Net Interest Income and a 15% increase in fee growth, the bank registered robust core profitability.
The CET1 ratio improved by 80 basis points quarter-on-quarter to 18.6%, surpassing internal targets, which bolsters strategic flexibility, including shareholder remuneration.
With a net cash position over 9 billion, the bank repaid its TLTRO exposure and was upgraded to investment grade status by DBRS.
Business Progress:
The bank expects a strong year ahead backed by a supportive economic environment and an ambitious transformation plan.
In Q1 2024, retail disbursements accelerated by over 30% YoY, matching repayments for the first time in several years, but corporate credit expansion was sluggish.
National Bank of Greece has been intensively investing in technology to significantly elevate customer experience while fostering agility and innovation.
The bank looks forward to driving shareholder value through accelerated loan expansion and successful implementation of their transformation strategy.
A rebranding project was initiated in Q1 and the bank plans to increase the dividend payout ratio for 2024.
More details: NATIONAL BANK OF GREECE IR
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