Greece's National Bank holds steady despite drop in trading income (updated)

National Bank of Greece

12/03/2024 08:59

(Adds detail and CEO quote)
       ATHENS, March 12 (Reuters) - Greek lender National Bank
 NBGr.AT  (NBG) on Tuesday posted 2023 net profit down only
slightly from the previous year after higher net interest income
was offset by a drop in trading earnings.
    NBG, which is 18.4% owned by Greece's HFSF bank rescue fund
and is the country's second-largest lender by market value,
reported net earnings of 1.11 billion euros ($1.21 billion),
against 1.2 billion euros in 2022.
    "We delivered an impressive performance for 2023, leveraging
Greece’s growth momentum, the distinct strengths of our balance
sheet and our successful digital and operational
transformation," Chief Executive Pavlos Mylonas said in a
statement.
    Net interest income grew by 65% to 2.26 billion euros,
bolstered strong margins as the European Central Bank kept
interest rates high.
    The bank's non-performing loans ratio also improved,
dropping to 3.7% at the end of December from 5.2% a year
earlier, though trading income slumped by 73% to 93 million
euros.
    
($1 = 0.9149 euros)

 (Reporting by Lefteris Papadimas
Editing by David Goodman)
 ((lefteris.papadimas@thomsonreuters.com; +30 210 3376477;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))