National Bank: Significant profitability of EUR 1,2 billion recorded in 2023

Significant profitability, of EUR 1.2 billion, was recorded in 2023 by drawing a boost mainly from the interest-rate environment which resulted in interest nets being ejected by 65% on an annual basis. According to the announcement of the results issued by the National Bank today, the net interest revenue dynamics were maintained in the fourth quarter of the previous year (+6% on a quarterly basis). This reflects the valuation of loans due to the European Central Bank’s (ECB) base rate increases, absorbing the highest financing costs. Consequently, the net interest margin remained on an upward path, increasing 15 basis points quarterly, approaching 337 basis points. A significant increase also recorded in net revenue from commissions which were strengthened by +10% on an annual basis for 2023, reflecting strong growth rates across all individual categories of supplies, spearheaded business credits, trade finance, and increased cross sales of investment and insurance products. The increase in loans served amounted to EUR 1.3 billion per year, to EUR 30.5 billion at Group level, mainly thanks to medium-sized enterprises, project finance and shipping. In 2023, retail savings were boosted to 1.2 billion euros. Bank CEO Paul Mylonas said: “Development factors and reforms strengthen growth prospects for 2024 onwards, while the Bank remains committed to supporting the strong growth rates of the Greek economy”.