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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