NBG recorded organic after tax profits of approximately €1.3 billion in 2024, marking a year-on-year increase of +10%, bolstered by stronger-than-expected revenue resilience.

The 4% year-on-year increase in net interest income in 2024 partly reflects impressive credit expansion, with a greater than €3 billion increase in outstanding loans annually, as well as resilience against declining Euribor rates (a decrease of approximately 100 basis points at the end of 2024 compared to the end of 2023).

In the fourth quarter of 2024, net interest income decreased by 2% quarter-on-quarter as the negative impact of interest rate reductions preceded the robust increase in loans towards the end of Q4 2024.

Revenue from commissions maintained its momentum, increasing by 12% year-on-year, primarily driven by cross-selling of investment products, which saw a remarkable rise of 47%. Additionally, there was a significant increase in NBG’s market share in mutual funds (bond mutual funds: +6 basis points, total: +4 basis points), alongside robust growth in commissions from lending, particularly in Corporate Banking, which rose by 14% year-on-year.

In 2024, recurring operating expenses increased by 5% year-on-year, reflecting the Bank's strategic investment plan in information technology and higher compensation. The cost-to-organic revenue ratio stood at approximately 32%, within the target of <33%. The credit risk cost was recorded at 53 basis points in 2024 (49 basis points in Q4 2024), reflecting favorable trends in the quality of the Bank’s loan portfolio.

The return on equity ratio was 17.5%, without adjusting for excess CET1 capital above NBG’s internal target of 14%.