National Bank of Greece announced today that Group earnings after taxes totaled 344 million euros in the first quarter of 2026, reflecting the resilience of its revenue.
In his remarks, National Bank of Greece CEO Pavlos Mylonas stated: «The Greek economy entered 2026 buoyed by its strong momentum and improved fundamentals, remaining on track for strong growth and outperforming the Eurozone for yet another year. Amid renewed geopolitical uncertainty, Greece is benefiting from its increased resilience, supported by strong fiscal buffers and the improved financial position of the private sector. Key drivers include the peak in the utilization of Recovery and Resilience Facility (RRF) funds, favorable financing conditions, and the significant pipeline of investment projects currently under implementation. At the same time, structural improvements in the energy sector, as well as the diversification of exports and tourism demand, further strengthen resilience against emerging risks, allowing Greece to remain in the upward phase of the investment cycle.
In this context, the Bank’s performance during the first three months of 2026 reflects the strong momentum of the Greek economy and our balance sheet, laying the groundwork for achieving the goals we have set for the year. In the first quarter of 2026, profit after tax amounted to 0.34 billion euros, or 1.43 euros per share, while the return on tangible equity stood at 15.3%, 20% when adjusted for excess CET1 capital. The strong results reflect the accelerating recovery in net interest income, as a result of sound credit expansion, combined with the continued growth in fee and commission income and other non-interest income.
Our capital position remains our key competitive advantage, combining high returns to shareholders with strong capital reserves amid a volatile geopolitical environment, providing resilience and significant strategic flexibility. With the capital accumulation phase now complete, we are focusing on actively utilizing our excess capital. As part of this strategy, the CET1 ratio stood at 17.4% in the first quarter of 2026, reflecting the highest dividend payout in the Greek banking sector, totaling 1 billion euros through cash dividends and share buybacks, reaffirming our commitment to the progressive utilization of our capital reserves.
At the same time, we took an important step toward boosting revenue from commissions by by signing a Memorandum of Understanding that reflects our intention to pursue a long-term strategic partnership in the bancassurance sector with Allianz, one of the world’s leading insurance groups. The Memorandum of Understanding also outlines our intention to acquire a minority stake in Allianz European Credit, subject to obtaining the necessary regulatory approvals. This strategic partnership is expected to significantly boost revenue from insurance activities (~4x), by leveraging a comprehensive and competitive product portfolio, as well as Allianz’s expertise and advanced digital capabilities. In terms of profitability, it will contribute to an increase in return on tangible equity of >50 bps, boosting earnings per share by +4%. Furthermore, it strengthens our ability to provide improved, customer-centric insurance solutions, while maintaining a model with low capital requirements, thereby contributing to sustainable earnings growth and the creation of long-term value for our shareholders.»
Credit Expansion - Deposits
Despite the geopolitical uncertainty and seasonal fluctuations in the first quarter of 2026, as noted in the announcement, performing loans at the Group level got off to a strong start for the year, rising by 0.8 billion euros compared to the previous quarter, reaching 37.7 billion euros in March 2026 (+12% year-over-year).
This strong performance reflects loan disbursements totaling 2.5 billion, up +47% year-over-year, highlighting strong demand for loans and the Bank’s effectiveness in attracting high-quality financing opportunities. Corporate Banking was the key driver of growth, with disbursements increasing by +55% year-over-year, focusing on dynamic sectors with strong growth prospects and sustained investment flows, such as the energy/renewable energy, shipping, and hotel sectors.
The trend in Retail Banking was also positive, with disbursements increasing by +26% year-over-year, supported by the growth of our market share in mortgage loans, loans to small businesses, and consumer loans, reflecting the growth of our customer base and the enhancement of the Bank’s product and service offerings.
Deposits at the Group level increased by 2 billion euros year-over-year, reaching 58.5 billion euros in March 2026, accounting for nearly 90% of our total net funding. In Greece, deposits rose by +1.8 billion annually to 56 billion euros as a result of continued inflows of demand and savings deposits (+2 billion annually), further improving the Bank’s deposit mix (>80% of deposits are demand and savings deposits). At the same time, the shift of time deposits toward the Bank’s mutual funds continues, with assets under management (FuM) for retail customers increasing by +2 billion on an annual basis. This trend reflects growing customer demand for higher-yielding solutions and underscores our ability to successfully capitalize on this trend, achieving impressive growth in our market share, while simultaneously strengthening commission income and optimizing the composition and cost of our funding.
Our strong liquidity profile is also reflected in the Liquidity Coverage Ratio (LCR) and the Loan-to-Deposit Ratio, which stood at 237% and 69% in March 2026, respectively.
National Bank of Greece and Allianz SE Sign a Memorandum of Understanding Regarding a Minority Stake in Allianz European Credit and an Exclusive Bancassurance Agreement
National Bank of Greece (NBG) and Allianz SE announced today that they have signed a Memorandum of Understanding (MoU), which sets forth NBG’s intention to acquire a minority stake in Allianz European Credit (Allianz Greece), subject to the signing of definitive agreements and the receipt of the necessary regulatory approvals.
The Memorandum of Understanding also sets forth the intention of both parties to enter into a long-term exclusive agreement in the bancassurance sector between ETE and Allianz Greece, with an initial term of 10 years and an automatic five-year extension, subject to agreed conditions.
Structure of the Collaboration
The Memorandum of Understanding reflects the shared intention of the National Bank of Greece and Allianz SE at the shareholder level, as well as that of NBG and Allianz Greece at the operational level, to develop the bancassurance sector as a long-term growth model that goes beyond a typical product distribution agreement.
What does this mean for customers?
The planned partnership aims to support customers so they can protect what matters most to them, plan for the future, and ensure their long-term financial stability, by making insurance and savings solutions more accessible through an integrated banking and insurance experience.
Aligned long-term growth
As part of the planned bancassurance agreement, Allianz Greece will offer a comprehensive portfolio of general insurance, health, and life insurance, including protection, savings, and investment products, which will be distributed through NBG’s physical and digital channels. Allianz Greece will contribute its expertise in the insurance sector, including product development and underwriting, while also collaborating with ETE on customer service and communication.
The proposed minority stake in Allianz Greece is designed to strengthen the long-term alignment of the two parties and to sustain investments over time in product innovation, digital capabilities, and service quality.
Mr. Pavlos Mylonas, Chief Executive Officer of the National Bank of Greece, stated:
«The Memorandum of Understanding with Allianz SE represents an important step toward strengthening National Bank of Greece’s bancassurance business. By combining our strong customer relationships and distribution capabilities with the insurance expertise of Allianz Greece, we aim to expand access to insurance solutions through a simpler and more integrated customer experience, with a clear emphasis on digital capabilities and service quality.».
Ms. Sirma Boshnakova, a member of the Board of Directors of Allianz SE, stated:
«The agreement currently being finalized reflects Allianz SE’s long-term bancassurance strategy and underscores how we serve our customers. By combining National Bank of Greece’s strong distribution network with Allianz Greece’s insurance expertise and long-standing presence, we aim to expand access to insurance solutions in a sustainable, cohesive, and customer-centric manner, while supporting the long-term growth of Allianz Greece.».
