National Bank of Greece S A : 1Q24 Financial Results

1Q24 Financial Results

PRESS RELEASE

1 May 2024

1Q24 Results

Strong 1Q24 performance across KPIs

Solid 1Q24 results support our guidance

Attributable PAT	Core PAT¹
€358m +38% yoy	€320m +45% yoy
Attributable RoTE	Core RoTE
19.7% +c280bps yoy	17.6% +c330bps yoy

Strong trends in core operating performance

NII	Core income
€606m +22% yoy	€705m +21% yoy
Core PPI	C:CI
€494m +29% yoy	29.9% -c450bps yoy

Solid asset quality and performing loan expansion

	Disbursements		Net NPEs €0.2b
	€1.1b in 1Q24 & €0.85b in April
		NPE ratio 3.7%
	Performing loans
		NPE coverage 86.1%
	+€1.1b yoy at €30.2b

Class leading capital position

CET12	Total capital2	MREL ratio2
18.6%	21.3%	26.5%
+80bps qoq	+110bps qoq	Jan25 target at 25.3%

1 Core PAT excludes trading and other income | 2 Including period PAT and dividend accrual

2

1Q24 Results

Key financial highlights

• Core PAT +45% yoy drives 1Q24 attributable PAT to €358m, up by +38% yoy and +14% qoq
  o NII above €600m off the 4Q23 peak, (-2.8% qoq), reflecting the impact from the hedging cost of carry and higher funding costs, partially absorbed by positive loan volume effects driving our PE loan NII higher qoq; NIM at 326bps, well above our FY24 guidance of <290bps
  o Sustained fee income momentum (+15% yoy) following a seasonally strong 4Q23, driven by double-digit growth across retail products, especially in investment products and origination fees (>30% higher yoy); the number of customer transactions grew +13% yoy, on the back of e-banking channels up +26% yoy
  o Continued cost discipline, with 1Q24 recurring operating expenses up by 3% yoy (like-for-like), reflecting the collectively agreed wage rises in December and normalized1 variable pay accruals, as well as abating inflationary pressures; 1Q24 C:CI below 30% against an FY24 target of <35%
  o CoR at 55bps, well inside our <65bps guidance for FY24, with class leading coverage levels across Stages o Core RoTE at 17.6% in 1Q24 and 19.7% on attributable PAT, before adjusting for excess capital
• NBG is the first Greek Bank to regain IG status since the Greek crisis outbreak of 2010
  o MDBRS assigned an IG rating on NBG highlighting our strengthened balance sheet, core earnings power, sustained organic capital buildup, as well as strong funding and liquidity position
  o PE loan expansion of +€1.1b yoy to €30.2b at the Group level; retail disbursements have gathered pace in 1Q24 reaching €0.4b, driven by SBs and consumer loans, offsetting repayments across the retail book (flat PEs qoq for the first time in many years)
  o The approved not yet disbursed corporate pipeline post April currently stands at €2.9b, while April disbursements of €0.85b are already bouncing back from a seasonally weak 1Q24, boding well for our FY24 credit expansion target
  o Exposure on fixed rate assets provides a natural hedge against the imminent ECB rate normalization
  o Domestic deposits display seasonality as well as cash management optimization by corporates and the turn to asset management products; on a yoy basis, domestic deposits are up +€0.6b reflecting inflows from retail customers
  o NBG is the first Bank to have repaid TLTRO exposure in 1Q24; net cash increased further to over €9b in 1Q24, mainly due to MREL issuances
• Group NPE ratio at 3.7%, net NPEs at €0.2b
  o Group NPE stock at €1.3b; NPE coverage at 86%, with Stage 2 coverage at 8% and Stage 3 coverage at 52% o Non-significantNPE flows in 1Q24 are well inside our FY24 guidance
• CET12 at 18.6%, total capital ratio2 at 21.3%
  o Strong profitability pushed CET1 ratio2 +c80bps higher qoq to 18.6%; total capital ratio2 at 21.3%, up by +c110bps qoq
  o MREL ratio2 at 26.5%, 120bps above the Jan25 requirement of 25.3%
• Our Transformation Program provides us with a competitive edge, supporting the rapid achievement of change
  o We continue to enhance our revenue generation capacity through service model improvements, cross-selling, strategic partnerships, new business offerings, as well as significant changes to our technology infrastructure and our operating model, including the replacement of our Core Banking System
  o Our continued efforts on digital upgrades keep delivering impressive results, with leading market shares in monthly active users (mobile: 32%, internet: 25%) and digital sales (cards: 41%, consumer: 32%, insurance: 55%), while digital sales surged to 1.3m units in 1Q24 from 0.9m units in 1Q23
  o We further embed Climate & Environment considerations into targets, business strategy and risk management processes, further automating internal and external ESG reporting and launching flagship social initiatives, including on financial literacy and inclusion

1 Adjusting for the negative base effect from variable remuneration built up in 2H23 vs evenly over 2024 | 2 Including period PAT and dividend accrual

3

1Q24 Results

"Economic activity in Greece is gathering pace in the first months of 2024, displaying dynamism and resilience to geopolitical risks, with most key leading indicators on the rise; notably, labor market conditions are improving further, fixed capital investments show signs of strengthening, and credit demand is increasing.

Capitalizing on Greece's growth dynamics, NBG had a strong start to the year, demonstrating solid financial results across all key performance indicators, leveraging our strong balance sheet and decisive transformation. With a noteworthy resilience of core income, we generated an attributable PAT of c€360m in 1Q24, +38% higher yoy and +14% qoq, with the return on tangible equity reaching nearly 20% for the quarter (c18% on core PAT).

Our capital buffers were further enhanced, with CET1 and Total Capital ratios reaching 18.6% and 21.3%, up + 80bps qoq and +110bps qoq respectively --

after accumulating for dividend distribution-- demonstrating our continued strong organic capital generation. Our liquidity profile, deriving from the Bank's strong and stable core deposit base, remains robust, with 1Q24 excess cash increasing further to €9.1b, after fully repaying our TLTRO. Our asset quality remains solid, with non-significant NPE flows in 1Q24.

Our compelling financial performance, underpinned by sustained core profitability, coupled with our solid capital and liquidity profile, have allowed us to become the first Greek Bank to regain investment grade status.

Looking ahead, we remain steadfast in our commitment to foster the economy's expansion, supporting the growth initiatives of our customers, whilst delivering value to our shareholders. With a strategic focus on our technological transformation and with the loyal support of our people, we are continuing to work towards enhancing our customers' experience and future, as the Bank of First Choice."

Pavlos Mylonas

Chief Executive Officer, NBG

4

1Q24 Results

		P&L | Group (€ m)				1Q24				1Q23			YoY		4Q23			QoQ
	NII	606	497		22%		623		-3%
	Net fee & commission income	100	87		15%		109		-9%
	Core Income			705			584			21%		732			-4%
	Trading & other income	60	50		19%		30		99%
	Total Income	765	634		21%	762		0%
	Operating Expenses	(211)	(201)		5%		(234)		-10%
	Core PPI	494	383		29%	499		-1%
	PPI	554	433		28%	529		5%
	Loan & other Impairments	(55)	(65)		-15%		(66)		-17%
	Core Operating Profit	439	318		38%	433		2%
	Operating Profit	499	369		35%	463		8%
	Taxes	(119)	(98)		21%		(88)		36%
	Core PAT1			320			220			45%		345			-7%
	EPS (core PAT)			1.40			0.96			45%		1.51			-7%
	Attributable PAT	358	260		38%	315		14%
		Balance Sheet | Group (€ m)				1Q24				4Q23			3Q23		2Q23			1Q23
	Total assets1	72,441		74,584		73,924	72,849		75,248
	Gross loans	34,404	35,306		36,419	36,404		36,780
	Provisions (stock)	(1,070)		(1,083)		(1,100)	(1,428)		(1,494)
	Net loans2	33,334	34,223		35,319	34,976		35,287
	Performing loans	30,240	30,468		29,588	28,975		29,105
	Securities3	17,477		17,201		15,712	15,832		15,144
	Deposits	55,608	57,126		56,292	55,671		54,775
	Tangible equity	7,417	7,102		6,763	6,553		6,292

1 Include held-for-sale assets of €0.3b I 2 Includes the reverse repo facility for the quarters of 2023, as well as senior notes amounting to €2.9b in 1Q24 | 3 Includes investment securities and financial assets at fair value through profit or loss

	Key Ratios | Group			1Q24		4Q23	3Q23	2Q23	1Q23
	Liquidity
	L:D ratio	60%	58%	57%	57%	58%
	LCR	249%	262%	252%	254%	269%
	Profitability
	NIM over average assets (bps)	326	337	322	297	260
	C:CI ratio	30%	32%	30%	31%	34%
	CoR (bps)	55	58	631	66	70
	Core PAT margin (bps)	385	421	431	360	273
	Core RoTE (%)	17.6%	19.9%	20.8%	18.0%	14.3%
	Attributable RoTE (%)	19.7%	18.1%	15.7%	16.8%	15.7%
	Asset quality
	NPE ratio	3.7%	3.7%	3.7%	5.4%	5.2%
	NPE coverage ratio	86.1%	87.5%	93.1%	82.1%	87.6%
	Capital
	CAD ratio2	21.3%	20.2%	20.3%	18.3%	17.6%
	CET1 ratio2	18.6%	17.8%	17.9%	17.3%	16.5%
	RWAs2 (€ b)	37.2	37.7	36.6	36.7	36.5
1 Underlying | 2 Including period PAT and dividend accrual

5

1Q24 Results

		P&L | Greece (€ m)			1Q24			1Q23		YoY		4Q23			QoQ
	NII	578	474	22%		594		-3%
	Net fee & commission income	96	83	15%		106		-9%
	Core Income		673			557		21%		700			-4%
	Trading & other income	38	39	-3%		30		26%
	Total Income	711	596	19%	730		-3%
	Operating Expenses	(197)	(189)	5%		(220)		-10%
	Core PPI	476	369	29%	480		-1%
	PPI	514	408	26%	510		1%
	Loan & other Impairments	(44)	(57)	-22%		(65)		-32%
	Core Operating Profit	432	312	38%	415		4%
	Operating Profit	470	351	34%	445		6%
	Taxes	(118)	(96)	22%		(86)		37%
	Core PAT		314			216		45%		329			-5%
	Attributable PAT	339	246	38%	301		13%
		P&L | International (€ m)			1Q24			1Q23		YoY		4Q23			QoQ
	NII	28	23	21%		29		-4%
	Net fee & commission income	4	3	15%		4		11%
	Core Income		32			27		20%		33			-2%
	Trading & other income	22	11	98%		-			n/m
	Total Income	54	38	43%	33		64%
	Operating Expenses	(13)	(12)	8%		(14)		-5%
	Core PPI	19	14	31%	19		-1%
	PPI	40	25	61%	19		>100%
	Loan & other Impairments	(11)	(8)	35%		(1)		>100%
	Core Operating Profit	8	6	26%	18		-57%
	Operating Profit	30	17	73%	18		65%
	Taxes	(2)	(2)	-32%		(2)		-17%
	Core PAT		6			4		59%		16			-61%
	Attributable PAT	19	14	35%	14		39%

6

1Q24 Results

Profitability

Greece

Higher core income (+21% yoy), a low single-digit increase in operating expenses on a like-for-like basis (+3% yoy), and a measured CoR normalization drove core PAT +45% higher yoy to €314m in 1Q24. As a result, attributable PAT amounted to €339m, exhibiting a +38% yoy and +13% qoq increase, boding well for FY24 profitability target attainment.

NII increased by +22% yoy to €578m in 1Q24, reflecting positive rate effects, a healthy PE expansion of +€1.1b yoy in Greece, as well as an increased contribution from securities, driving NIM higher to 321bps. On a quarterly basis, NII settled 2.8% lower compared to its peak in 4Q23, due to the impact from the hedging cost of carry and higher wholesale funding costs, partially absorbed by positive loan volume effects.

Net fee and commission income increased by +15% yoy to €96m in 1Q24 following a seasonally strong 4Q23. Main contributors to this compelling performance were retail fees, with double digit growth across products. The most notable movements were witnessed in investment products (+38% yoy), driven by increased bancassurance and mutual funds volumes, along with corporate bond issuances, as well as lending fees (+30% yoy). Importantly, our digital transformation continued unabated producing impressive results, with e-banking transactions up by +26% yoy in 1Q24, driving the total number of customer transactions +13% higher yoy.

Operating expenses increased by +3% yoy on a like-for-like basis to €197m in 1Q24, supporting a C:CI of 29.3% (31.4% in 4Q23). The increase in costs reflects the collectively agreed wage rises in December and normalized1 variable pay accruals, as well as abating inflationary pressures.

Loan impairments normalized further to €38m in 1Q24, with provisioning rate dropping below the 50bps mark, at 47bps over net loans. Our sector low CoR is a function of non-significant NPE formation in the quarter and our class leading coverage levels across stages.

Domestic NII breakdown (€ m)

Domestic operating profit (€ b) | 1Q23

				563	594	578
			529
		474
	Loans				443	450
	(PE)			429
		414
	Loans	367
	(NPE)
				20	20	18
	Securities,		23
	19
	funding & other			194	187
	114	133	166

Non core income

Core PPI

351

39

369

445

30

480

470

38

476	Core PPI
+29% yoy

	Deposits
	-25		-41	-52	-63	-77
		1Q23	2Q23	3Q23	4Q23	1Q24

CoR

Other impairments

-48	-46	-38
-8	-19	-7

1Q23 4Q23 1Q24

International

In International operations, 1Q24 attributable PAT increased by 35% yoy to €19m, reflecting higher NII (+21% yoy), strong fees (+15% yoy), as well as higher trading and other income (€22m in 1Q24 from €11m in 1Q23).

1 Adjusting for the negative base effect from variable remuneration built up in 2H23 vs evenly over 2024 | 2 Including period PAT and dividend accrual

7

1Q24 Results

Asset Quality

Group NPE stock remained flat qoq at €1.3b in 1Q24, or €0.2b net of provisions, with non-significant organic formation in the quarter, well inside our FY24 guidance.

Group NPE ratio stood at 3.7%, with NPE coverage of 86%. International NPE ratio declined to 4.3%, with coverage settling at 103%.

NPE ratios and coverage | 1Q24

Group NPE stock evolution (€ b)

Collateral	74%	66%	70%
coverage1
NPE ratio	5.1%
			3.7%	3.7%
		3.1%
NPE	75%
coverage2	92%	85%	86%
	Retail	Corporate	Total	Total Group
			Domestic

NPE ratio

5.2%

5.4%

3,7%

3.7%

3.7%

		1.8	1.8
	International NPEs	0.1	0.1	1.3	1.3	1.3
		0.5	0.6
		0.1	0.1
	Domestic FNPES <30	0.2			0.1
	0.2			0.4
	dpd	0.5	0.6
	Domestic FNPEs >30	1.0		0.1	0.2		0.2
	0.9
	dpd & other impaired	0.5	0.5		0.6
	Domestic 90+dpd
	1Q23	2Q23	3Q23	4Q23	1Q24

1 Collateral coverage at the Bank level | 2 NPE coverage incorporates additional haircuts on the market value of collateral

Domestic NPE stock per category (€ b) | 1Q24

Domestic forborne stock (€ b) | 1Q24

					o/w: €0.3b or
					c40% <30dpd
o/w: €0.1b or							FNPEs <30 dpd
c50% <30dpd
						0.4
					0.9
					0.7	1.8	FNPEs 31-90dpd
					FPEs 1.2
0.4					0.1
0.3	0.1		0.2	0.1			FNPEs >90dpd
	0.1			0.1
1Q23 1Q24	1Q23 1Q24	1Q23 1Q24	1Q23 1Q24
Mortgage	Consumer	SBLs	Corporate

8

1Q24 Results

Capital Adequacy

Strong organic profitability pushed CET1 ratio2 +c80bps higher qoq to 18.6%. Total capital ratio2 settled at 21.3%, +c110bps higher qoq. Our MREL ratio2 reached 26.5%, exceeding the Jan25 requirement of 25.3% by 120bps.

1Q24 capital2 movement

20.2%

CAD

CET1

17.8%

+c1.0%+c0.0%

-c0.2%

21.3%

18.6%

RWAs: €37.7b

RWAs: €37.2b

4Q23 CET1	1Q24 PAT	RWAs	Other	1Q24 CET1
	(incl. DTC amortization)

Liquidity

Seasonally lower corporate deposits as well as cash management optimization by corporates and the turn to asset management products pushed domestic deposit balances to €53.6b in Mar24, -€1.5b lower qoq. Importantly, deposit mix remains best in class, as time deposits represent just 19% of total deposits. Compared to Mar23, domestic deposits increased by +€0.6b yoy, reflecting inflows from retail customers, with international deposits also up by +€0.2b yoy to €2.0b. As a result, Group deposits amounted to €55.6b in Mar24, +€0.8b higher yoy, comprising c95% of NBG's total net funding.

Our liquidity profile remains robust, manifested by our LCR of 249%, the highest in Greece and among the highest in the Euro area, our class-leadingnet cash position of €9.1b, c€1.1b higher qoq, on zero TLTRO exposure as of Mar24, as well as a L:D ratio of 60% at the Group level (59% in Greece).

TLTRO III, cash & reserves and net interbank (€ b)

Group deposit evolution (€ b)

TLTRO III

Cash & reserves	NBG is a net lender in	TLTRO fully
Net interbank
the interbank market	repaid in 1Q24
			8.0			9.1
9.9
9.0		8.3

54.8

1.8

53.0

8.4

8.8

5.6

55.7

1.9

53.8

9.6

8.6

5.9

56.3

1.9

54.4

10.2

8.4

6.3

57.1

2.0

55.1

10.5

8.3

6.2

55.6

2.0

53.6

10.2

7.6

6.1

Group

Intr'l

Greece

Time

Sight & other - Corporate

	5.0
		0.8		1.9			0.8				0.8
						0.0
		1Q23		4Q23		1Q24

30.2

29.7

29.6

30.0

29.7

1Q23

2Q23

3Q23

4Q23

1Q24

Sight & other - Retail

Savings

2 Including period PAT and dividend accrual

9

1Q24 Results

ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used

The 1Q24 Financial Results Press Release contains financial information and measures as derived from the Group financial statements for the period ended 31 March 2024 and for the year ended 31 December 2023, which have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and International Financial Reporting Standards ("IFRSs"), as endorsed by the EU respectively. Additionally, it contains financial data which is compiled as a normal part of our financial reporting and management information systems. For instance, financial items are categorized as foreign or domestic on the basis of the jurisdiction of organization of the individual Group entity whose separate financial statements record such items.

Moreover, it contains references to certain measures which are not defined under IFRS, including "pre-provision income" ("PPI"), "net interest margin" and others, as defined below. These are non-IFRS financial measures. A non-IFRS financial measure is one that measures historical or future financial performance, financial position or cash flows but which excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. The Group believes that the non-IFRS financial measures it presents allow a more meaningful analysis of the Group's financial condition and results of operations. However, the non-IFRS financial measures presented are not a substitute for IFRS measures.

10