Greece's National Bank 9-month net profit up on strong fee income (updated)

National Bank of Greece

07/11/2024 16:27

(Adds details on results in paragraphs 3-4, CEO quote in
paragraph 5, context in paragraphs 6-7)
       Nov 7 (Reuters) - National Bank (NBG)  NBGr.AT ,
Greece's second-largest lender by market value, on Thursday
posted a 24% rise in its nine-month net profit as net fee and
commission income rose. 
    NBG reported net earnings of 985 million euros ($1.06
billion), up from 791 million euros in 2023.
    Fee income in the January-September period jumped 14% year
on year to 313 million euros driven by the retail business as
well as corporate fees, NBG said.
    Net interest income (NII) was also 9% up on the year,
reaching 1.78 billion euros, with higher average loan volumes
and income from securities offsetting the lower Euribor rates. 
    "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,"
Chief Executive Pavlos Mylonas said in a statement. 
    Greek lenders have been stabilising after three
recapitalisations and nationalisation after the country was
rocked by financial meltdown in late 2009.
    Having cut bad loan ratios, reduced state ownership and
returned to profit, they received European Central Bank approval
this year to resume dividend payments for the first time in 16
years.
        
  
($1 = 0.9249 euros)

 (Reporting by Antonis Pothitos; Editing by David Evans)
 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))