National Bank of Greece (NBG) on Thursday reported core after-tax profits of 983 million euros in 3Q 2024, up 15% yoy.

“Growth in Greece remains strong, with GDP gaining momentum in 2Q24. Business has been leading activity so far, including sizable, fixed capital investment, with a strong labor market having followed suit. It is important to note that the solid fiscal performance results in further risk re-rating of the economy, increasing its attractiveness, despite the challenging external environment,” NBG CEO Pavlos Mylonas said in a released statement.

He added: “Our recent placement of a 10% stake of our share capital attracted strong and broad-based demand from high quality investors. The success of the transaction reflects the confidence investors have in the Greek economy, as well as in NBG’s strong fundamentals, clear strategy, and credibility in executing.

“In 3Q24, we delivered a solid set of financial results, with our strong capital position and highly liquid balance sheet remaining key comparative advantages. Core PAT reached around 1 billion euros in 9M24, up by +15% year on year, tracking well with respect to the FY24 guidance. This performance was due to NII displaying resilience to lower market rates, as the impact was offset by strong loan volumes, with disbursements exceeding 5 billion euros in 9M24. The solid results also reflect mid-teens growth in fees as well as continued normalizing of credit risk charges, complemented by cost discipline.

“Our very strong capital ratios kept increasing, with CET1 reaching 18.7%, while Total Capital ratio stood at 21.5%, up +130bps ytd, post a 40% accrual. Our strong organic capital generation provides us with significant strategic flexibility, including with regards to returning capital to our shareholders.”