National Bank of Greece S.A. Q2 2026 Earnings Recap

Shares declined 1.6% following Q2 results as investors weighed decelerating loan growth momentum and margin pressures despite continued robust credit expansion and fee income gains.

Key Takeaways

• Performing loans expanded 13% year-on-year, driven by a 17% increase in corporate credit and 4% growth in retail loans, with strong disbursements supporting market share gains.
• Net interest income (NII) rose nearly 3% quarter-on-quarter but margins remain under pressure, with net interest margin (NIM) recovering modestly to 273 basis points and guided to about 280 basis points for full-year 2026.
• Fee income increased 10% in H1, supported by retail investment sales and corporate fees, reflecting steady traction despite market volatility.
• Costs grew due to investments in talent, digital infrastructure, and a landmark core banking system upgrade, potentially exerting margin pressure.
• Management upgraded full-year 2026 targets but the cautious tone on margin improvement and incremental loan growth likely tempered investor enthusiasm.