National Bank's 9-month net profit up on interest income (updated)

National Bank of Greece

07/11/2023 09:07

(Adds details from paragraph 3, CEO comment in para 4)
       ATHENS, Nov 7 (Reuters) - National Bank (NBG)  NBGr.AT ,
Greece's second-largest lender by market value, reported on
Tuesday higher net earnings in the first nine-months of 2023
compared with the same period a year ago as net interest income
rose.
    NBG, 40 percent owned by the country's HFSF bank rescue
fund, said net earnings reached 791 million euros ($846.3
million) from 680 million euros in the first nine months of
2022.
    Net interest income grew by 73% year-on-year in the nine
months to 1.64 billion euros due to higher margins as the
European Central Bank raised interest rates.
    "Despite the rapid rise in interest rates, loan activity was
solid, up by 5% during the past 12 months, led by corporate
demand," said the bank's Chief Executive Officer Pavlos Mylonas
in a statement.
    The bank's non-performing loan exposure (NPE) ratio fell to
3.7% at the end of September from 6.1% a year earlier, with
Mylonas noting that there were no new net NPE inflows in the
third quarter.
    Net fee and commission income rose 6% to 273 million euros,
mainly from lending activities and network operations.
    
($1 = 0.9347 euros)

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