The National Bank of Greece (NBG) on Thursday announced net profit after tax of 381 million euros for the first quarter of 2025.

NBG CEO Pavlos Mylonas commenting on the financial results, stated: “ The global economy is navigating a period of heightened uncertainty, underpinned by escalating trade tensions, stubborn inflation, and slower growth, with growth forecasts for major economies moderating. Amid this uncertain global backdrop, the Greek economy continues to demonstrate remarkable resilience, expected to grow by c2.5% this year, led by rising employment, real wage increases, and solid tourism activity, and with lower direct exposure to global supply chains and to anticipated US tariffs on EU products (exports to US represent <5% of Greece’s total exports). Moreover, the economy will be supported by significantly looser monetary and fiscal policy as well as lower oil prices -- the main risk to the outlook is the degree of slowdown in the euro area, its main trading partner. Building on a strong foundation from 2024, and leveraging Greece’s growth dynamics and the concomitant expansion in credit and activities more generally, we maintained our strong profitability and a solid capital base in the first quarter of 2025 on the back of income resilience. PAT amounted to 0.4b euros, translating into 1.44 euros per share, with RoTE standing at 16.5%2 , well above our full year guidance of >13%.

Our solid performance reflects the disciplined execution of our strategic priorities though our transformation and growth programme. Our capital position was further strengthened, maintaining our strategic optionality. CET1 and total capital ratios increased by c40bps ytd to 18.7% and 21.5%, respectively, far above internal targets, accelerating accruals to a 60%, pace, as well as the corresponding pace of DTC amortization. Against an uncertain global environment, NBG demonstrates the strength, resilience, and adaptability of its business model. Our continuous investments in technology, especially digital banking, and the experience and engagement of our people have been instrumental in driving sustainable growth, superior customer experience, and building a resilient and future-ready organization. As we move forward, we remain fully committed to supporting Greece’s growth trajectory -- which is based on strong fundamentals -- delivering sustainable value for our shareholders, and building an even stronger and more dynamic Bank for the future".