NBG delivers €1.3B profit after tax for 2025

More specifically, Group profit after tax amounted to approximately €1.3 billion, with the Return on Tangible Equity (RoTE) reaching 15.5%, exceeding the annual target of >15%.

Credit Expansion and Net Revenues

Despite a 9.3% year-on-year decline in net interest income, the fourth quarter marked the end of the downward trend (+1% quarter-on-quarter), with credit expansion serving as a key growth driver. Loan disbursements increased by €3.5 billion (+10% year-on-year), surpassing the €2.5 billion target, while performing loans in Corporate and Retail Banking recorded significant growth.

Net fee and commission income posted double-digit growth (+10% year-on-year), primarily driven by investment products (+70% year-on-year), financing activities, and sales of financial products. Cross-selling initiatives contributed to a 6 percentage point increase in mutual fund market share over the past two years.

Income, Costs and Cost of Risk

Operating expenses increased by 7.3% year-on-year, reflecting strategic investments in human capital, technology, and digital infrastructure, enhancing productivity and digital efficiency. The cost-to-income ratio remained at a low level of 34.1%.

The cost of credit risk stood at 40 basis points, confirming the solid quality of the loan portfolio, with loan loss coverage ratios among the highest in Europe across loan stages.

Strong Capital Position and MREL

The CET1 ratio reached 18.8% and the Total Capital Adequacy Ratio 21.5%, while the MREL ratio stood at 29.2%, exceeding the 26.7% target and strengthening balance sheet flexibility to support further growth.

Digital Banking and Transformation

The Bank has consolidated its leading position in digital banking, with 4.5 million digital subscribers and 3.3 million active users. The new retail service model and the use of AI through the digital assistant “Sophia” enhance customer experience. At the same time, migration to the new Core Banking System and the replacement of workflow systems are nearing completion.

ESG and Social Strategy

The Bank continues to strengthen sustainable finance, issuing a €600 million green bond to support the energy transition, while advancing social initiatives such as school infrastructure renovations (€25 million allocated for 2026) and programs supporting entrepreneurship and financial inclusion (NBG Business Seeds, ENNOIA Initiative).

Statement by Pavlos Mylonas, CEO

The Greek economy continues to demonstrate strong momentum despite international uncertainty, supported by an increasingly diversified production base and the growing contribution of outward-oriented sectors. Strong corporate performance, the expected peak in 2026 of expenditures related to the Recovery and Resilience Facility (RRF), as well as increased fiscal and monetary support, are creating the conditions for a record year in investment spending, combined with historically high levels of foreign direct investment inflows, as well as mergers and acquisitions activity.

These factors, together with the strengthening financial position of households, the ongoing repricing of assets, and the increasing diversification of private sector investment strategies, are expected to further support banking sector activity. Our 2025 results reflect both our rapid progress and the favorable environment of the Greek economy, enabling us to comfortably achieve our strategic objectives and translate the strengths of our balance sheet and capital position into high-quality profitability and growth.

The Group recorded profit after tax of €1.3 billion, translating into earnings per share of €1.41, with RoTE at 15.5%. This performance was driven by strong credit expansion, with performing loans increasing by €3.5 billion or +10% year-on-year, while double-digit fee income growth reflected cross-selling, primarily in investment products. Our cost management strategy balances disciplined expense control with necessary investments in technology and human capital, as we aim to deliver increasingly innovative, high-quality products and services to our customers.

Our strong capital adequacy provides resilience and significant strategic flexibility. The CET1 ratio reached 18.8%, up 50 basis points year-on-year, despite robust credit expansion and one of the highest profit distributions in the sector, reaffirming our commitment to delivering attractive shareholder returns.

Building on this strong performance, our strategic targets, as outlined in our new business plan for 2026–2028, mark the next phase of disciplined growth and sustained value creation. We aim to achieve a high but sustainable RoTE of 17% by 2028, leveraging favorable macroeconomic conditions to accelerate net credit expansion to above €10 billion over the next three years.

At the same time, we expect fee income growth to remain at high single-digit levels as cross-selling deepens. Our cost base will benefit from the fact that the majority of strategic technology investments has already been completed. Increasing profitability will further strengthen our capital buffers, supporting robust organic growth and attractive shareholder returns. Nevertheless, our business plan targets a CET1 ratio below 16% by the end of 2028, while maintaining adequate capital reserves and strategic flexibility.

Looking ahead, we remain committed to supporting the sustainable growth and transformation of the Greek economy, leveraging our strong results to finance investments with meaningful developmental impact. The replacement of the Core Banking System, now in its final stage, represents a milestone in our multi-year transformation journey, providing a modern technological foundation that enhances product and service flexibility, improves operational efficiency, and strengthens the Bank’s operational resilience.

Simultaneously, our continued investments in human capital and digital infrastructure are fundamentally reshaping our operating model — empowering our people, fostering innovation, and enhancing customer-centric services that create value. With clear strategic direction and disciplined execution, we are well positioned to deepen customer relationships, capture emerging opportunities, and deliver sustainable, long-term value to our shareholders and the broader economy.