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GreeceBusinessNational Bank: Organic profits at 508 million euros in H1

National Bank: Organic profits at 508 million euros in H1

Hellenic News of America
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National Bank Group on Tuesday said organic profits totaled 508 million euros in the first half of 2023, of which 288 million in the second quarter of the year.

Pavlos Mylonas, the bank’s CEO, commenting on the results said: “The Greek economy is in a favourable and rare economic and political conjuncture as regards the improved prospects for a world recovery, combined with its own hard-won competitiveness and solid prospects for further reform. Specifically, economic activity remains relatively strong, and inflation is dropping rapidly, while the European economy appears set to recover from the successive price shocks and the concomitant tightening of monetary and fiscal policy.

“In this positive environment, Greece’s economic growth is driven by investment and exports, supported by significant FDI, drawn by the attractiveness of the economy. Building on the country’s sustained growth momentum and the Bank’s strong fundamentals, we have delivered a compelling financial performance in the first half of 2023, underpinned by the unique strength of our balance sheet and our successful transformation.

“Our 1H23 core PAT exceeded 0.5 billion euros, translating into a core RoTE of >16%, driven by the impressive growth in our core income, combined with contained operating costs – with the C:CI at 32% – and gradually normalizing credit risk charges. Our strong core profitability is generating capital on a sustainable basis, with the CET1 and total capital ratios rising by c80bps qoq for a second quarter in a row, and now standing at 17.3% and 18.4%, respectively.

“At the same time, our liquidity position remains a strong competitive advantage, comprising of a large and stable core deposit base, while our net cash position has increased further to near 7 billion euros. Importantly, our residual net NPE exposure amounts to just 0.3 billion euros, nearly flat ytd, while the small pick-up in mortgage arrears in 2Q23 is comfortably within our FY23 guidance, confirming once again the resilient nature of our loan book.

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“With leading economic indicators pointing to stronger growth for the remainder of 2023, we will continue to implement our successful multi-year transformation effort with the goal of improving further our product and service offering to meet the rapidly changing needs of our clients in a more efficient and customer friendly manner. We remain committed – as the Bank of First Choice – to play a leading role in supporting our clients as they lead the Greek economy forward.”

SOURCE; ANA-MPA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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