National Bank of Greece S A : Financial Statements of the Group for the period ended 31.03.2024

NBG Group

Interim Financial Statements

for the period ended 31 March 2024

April 2024

Table of Contents

Statement of Financial Position	3
Income Statement - 3-month period	4
Statement of Comprehensive Income - 3-month period	5
Statement of Changes in Equity - Group	6
Cash Flow Statement	7
NOTE 1 General information	8
NOTE 2 Basis of preparation and material accounting policies	9
2.1 Basis of preparation	9
2.2 Going concern	9
2.3 New and Amended Standards and Interpretations	11
2.4 Critical judgments and estimates	12
NOTE 3 Segment reporting	14
NOTE 4 Net trading income / (loss) and results from investment securities and Gains / (losses) arising from the
derecognition of financial assets measured at amortised cost	17
NOTE 5 Credit provisions and other impairment charges	18
NOTE 6 Tax benefit /(expense)	18
NOTE 7 Earnings per share	19
NOTE 8 Loans and advances to customers	19
NOTE 9 Assets and liabilities held for sale	23
NOTE 10 Due to banks	24
NOTE 11 Due to customers	24
NOTE 12 Debt securities in issue	25
NOTE 13 Contingent liabilities, pledged assets and credit commitments	25
NOTE 14 Share capital, share premium and treasury shares	27
NOTE 15 Movements in other comprehensive income / (expense)	28
NOTE 16 Related party transactions	28
NOTE 17 Capital adequacy	29
NOTE 18 Fair value of financial assets and liabilities	32
NOTE 19 Acquisitions, disposals and other capital transactions	36
NOTE 20 Group companies	37
NOTE 21 Events after the reporting period	38

Statement of Financial Position

as at 31 March 2024

Group

€ million	Note	31.03.2024	31.12.2023
ASSETS
Cash and balances with central banks		8,307	9,015
Due from banks		2,527	2,793
Financial assets at fair value through profit or loss		618	707
Derivative financial instruments		1,966	2,074
Loans and advances to customers	8	33,334	34,223
Investment securities		16,859	16,494
Investment property		60	60
Current tax asset		231	220
Deferred tax assets		4,230	4,346
Equity method investments		175	175
Property and equipment		1,339	1,339
Software		542	524
Other assets		1,901	1,919
Non-current assets held for sale	9	352	695
Total assets		72,441	74,584
LIABILITIES
Due to banks	10	1,720	3,800
Derivative financial instruments		1,380	1,414
Due to customers	11	55,608	57,126
Debt securities in issue	12	3,105	2,323
Other borrowed funds		94	96
Current income tax liabilities		8	6
Deferred tax liabilities		22	15
Retirement benefit obligations		242	248
Other liabilities		2,248	1,876
Liabilities associated with non-current assets held for sale	9	28	28
Total liabilities		64,455	66,932
SHAREHOLDERS' EQUITY
Share capital	14	915	915
Treasury shares	14	(10)	(2)
Share premium	14	3,542	3,542
Reserves and retained earnings		3,513	3,171
Equity attributable to NBG shareholders		7,960	7,626
Non-controlling interests			26
	26
Total equity		7,986	7,652
Total equity and liabilities		72,441	74,584

Statement of Financial Position

	Athens, 28 April 2024
THE CHAIRMAN OF THE BOARD OF	THE CHIEF EXECUTIVE OFFICER	THE CHIEF FINANCIAL OFFICER
DIRECTORS

GIKAS A. HARDOUVELIS

PAVLOS K. MYLONAS

CHRISTOS D. CHRISTODOULOU

The notes on pages 8 to 38 form an integral part of these Interim Financial Statements

3

Income Statement

for the period ended 31 March 2024

Group

		3-month period ended
€ million	Note	31.03.2024	31.03.2023
Interest and similar income			569
	787
Interest expense and similar charges		(181)	(72)
Net interest income		606	497
Fee and commission income			106
	119
Fee and commission expense		(19)	(19)
Net fee and commission income		100	87
Net trading income / (loss) and results from investment securities	4	(2)	20
Gains / (losses) arising from the derecognition of financial assets measured at amortised cost	4	57	49
Net other income / (expense)		5	(20)
Total income		766	633
Personnel expenses			(115)
	(123)
Administrative and other operating expenses		(56)	(49)
Depreciation and amortisation on investment property, property & equipment and software		(46)	(46)
Credit provisions	5	(46)	(56)
Other impairment charges	5	(9)	(9)
Restructuring costs		(8)	-
Share of profit / (loss) of equity method investments		-	1
Profit before tax		478	359
Tax benefit / (expense)	6	(119)	(98)
Profit for the period		359	261
Attributable to:
Non-controlling interests		1	1
NBG equity shareholders		358	260
Earnings per share (Euro) - Basic and diluted	7	€0.39	€0.28

Income Statement - 3-month period

	Athens, 28 April 2024
THE CHAIRMAN OF THE BOARD OF	THE CHIEF EXECUTIVE OFFICER	THE CHIEF FINANCIAL OFFICER
DIRECTORS

GIKAS A. HARDOUVELIS

PAVLOS K. MYLONAS

CHRISTOS D. CHRISTODOULOU

The notes on pages 8 to 38 form an integral part of these Interim Financial Statements

4

Statement of Comprehensive Income

for the period ended 31 March 2024

Group

		3-month period ended
€ million	Note	31.03.2024	31.03.2023
Profit for the period			261
	359
Other comprehensive income / (expense):
Items that will be reclassified to the Income Statement:
Investments in debt instruments measured at fair value through other comprehensive income
("FVTOCI"), net of tax		(2)	33
Currency translation differences, net of tax		(16)	(22)
Cash flow hedge, net of tax		-	1
Total of items that will be reclassified to the Income Statement		(18)	12
Items that will not be reclassified to the Income Statement:
Investments in equity instruments measured at FVTOCI, net of tax		8	-
Total of items that will not be reclassified to the Income Statement		8	-
Other comprehensive income / (expense) for the period, net of tax	15	(10)	12
Total comprehensive income / (expense) for the period		349	273
Attributable to:
Non-controlling interests		1	1
NBG equity shareholders		348	272

Statement of C om prehensive Incom e - 3-month period	Athens, 28 April 2024
THE CHAIRMAN OF THE BOARD OF	THE CHIEF EXECUTIVE OFFICER	THE CHIEF FINANCIAL OFFICER
DIRECTORS

GIKAS A. HARDOUVELIS

PAVLOS K. MYLONAS

CHRISTOS D. CHRISTODOULOU

The notes on pages 8 to 38 form an integral part of these Interim Financial Statements

5

Statement of Changes in Equity - Group

for the period ended 31 March 2024

					Attributable to equity holders of the parent company
							Currency								Non-
			Share	Treasury	Securities at		translation	Net investment	Cash flow	Defined	Other	Retained			controlling
€ million	Share capital		premium	shares	FVTOCI reserve		reserve	hedge reserve	hedge reserve	benefit plans	reserves	earnings	Total		Interests	Total
	Ordinary		Ordinary
	shares		shares
Balance at 31 December 2022 and at 1
January 2023	915	3,542	-	(273)	(56)	(1)	-	(155)	1,187	1,293	6,452	23	6,475
Other Comprehensive Income/ (expense) for
the period	-	-	-	38	(22)	-	1	-	-	11	28	-	28
Gains/(losses) from equity instruments at
FVTOCI reclassified to retained earnings	-	-	-	(5)	-	-	-	-	-	5	-	-	-
Profit for the period	-	-	-	-	-	-	-	-	-	260	260	1	261
Total Comprehensive Income / (expense)
for the period (see Note 15)	-	-	-	33	(22)	-	1	-	-	276	288	1	289
Acquisitions, disposals & share capital
increases of subsidiaries/associates	-	-	-	-	-	-	-	-	1	-	1	-	1
Balance at 31 March 2023	915	3,542	-	(240)	(78)	(1)	1	(155)	1,188	1,569	6,741	24	6,765
Movements to 31 December 2023	-	-	(2)	51	1	-	2	(12)	2	843	885	2	887
Balance at 31 December 2023 and at 1
January 2024	915	3,542	(2)	(189)	(77)	(1)	3	(167)	1,190	2,412	7,626	26	7,652
Other Comprehensive Income/ (expense) for
the period	-	-	-	-	(16)	-	-	-	-	-	(16)	-	(16)
Gains/(losses) from equity instruments at
FVTOCI reclassified to retained earnings	-	-	-	6	-	-	-	-	-	(6)	-	-	-
Profit for the period	-	-	-	-	-	-	-	-	-	358	358	1	359
Total Comprehensive Income / (expense)
for the period (see Note 15)	-	-	-	6	(16)	-	-	-	-	352	342	1	343
Acquisitions, disposals & share capital
increases of subsidiaries/equity method
investments	-	-	-	-	-	-	-	-	-	-	-	(1)	(1)
(Purchases)/ disposals of treasury shares	-	-	(8)	-	-	-	-	-	-	-	(8)	-	(8)
Balance at 31 March 2024	915	3,542	(10)	(183)	(93)	(1)	3	(167)	1,190	2,764	7,960	26	7,986

Statement of Changes in Equity - Group

The notes on pages 8 to 38 form an integral part of these Interim Financial Statements

6

Statement of Cash Flows

for the period ended 31 March 2024

	Group
	3-month period ended
€ million	31.03.2024		31.03.2023
Cash flows from operating activities
Profit before tax	478		359
Adjustments for:
Non-cash items included in income statement and other adjustments:	126		181
Depreciation and amortisation on investment property, property & equipment and software	46		46
Amortisation of premiums /discounts of investment securities, debt securities in issue and other borrowed funds	(22)	9
Credit provisions and other impairment charges	58		67
Provision for employee benefits	3		2
Share of (profit) / loss of equity method investments	-		(1)
Result from fair value and cash flow hedges	2		(6)
Net (gain) / loss on disposal of property & equipment and investment property	(4)	(2)
Net (gain) / loss on disposal of investment securities	(59)	(63)
Accrued interest from financing activities and results from repurchase of debt securities in issue	20		28
Accrued interest of investment securities	94		97
Other non-cash operating items	(12)	4
Net (increase) / decrease in operating assets:	555		(200)
Mandatory reserve deposits with Central Bank	29		(42)
Due from banks	141		160
Financial assets at fair value through profit or loss	91		(255)
Derivative financial instruments	106		81
Loans and advances to customers	184		278
Other assets	4		(422)
Net increase / (decrease) in operating liabilities:	(3,168)	(3,259)
Due to banks	(2,080)	(2,877)
Due to customers	(1,465)	(417)
Derivative financial instruments	(30)	(46)
Retirement benefit obligations	(9)	(8)
Income taxes (paid) / received	(12)	2
Other liabilities	428		87
Net cash from / (for) operating activities	(2,009)	(2,919)
Cash flows from investing activities
Purchase of investment property, property & equipment, software & other and intangible assets	(98)	(44)
Proceeds from disposal of property & equipment and investment property	4		3
Purchase of investment securities	(2,864)	(3,013)
Proceeds from redemption and sale of investment securities	2,450		1,722
Net cash (used in) / provided by investing activities	(508)	(1,332)
Cash flows from financing activities
Proceeds from debt securities in issue and other borrowed funds	1,100		1
Repayments of debt securities in issue, other borrowed funds and preferred securities	(327)	21
Principal elements of lease payments	(11)	(16)
Proceeds from disposal of treasury shares	3		19
Repurchase of treasury shares	(11)	(19)
Net cash from/ (for) financing activities	754		6
Effect of foreign exchange rate changes on cash and cash equivalents	(18)	(8)
Net increase / (decrease) in cash and cash equivalents	(1,781)	(4,253)
Cash and cash equivalents at beginning of period	9,788		17,212
Cash and cash equivalents at end of period	8,007		12,959

Cash Flow Statement

The notes on pages 8 to 38 form an integral part of these Interim Financial Statements

7

Notes to the Interim Financial Statements

Group

NOTE 1 General information

National Bank of Greece S.A. (hereinafter "NBG" or the "Bank") was founded in 1841 and its shares have been listed on the Athens Exchange since 1880. The Bank's headquarters are located at 86 Eolou Street, 10559 Athens, Greece (Register number G.E.MH. 237901000), tel. [phone], www.nbg.gr. By resolution of the Board of Directors, the Bank can establish branches, agencies and correspondence offices in Greece and abroad. In its 183 years of operation, the Bank has expanded on its commercial banking business by entering into related business areas. The Bank and its subsidiaries (hereinafter the "Group") provide a wide range of financial services including mainly retail, corporate and investment banking, non-performing exposures management, transactional banking, leasing, factoring, brokerage, asset management, real estate management and insurance services. The Group operates mainly in Greece but also through its branch in Cyprus and its subsidiaries in North Macedonia, Romania, Bulgaria, Cyprus, Luxembourg, Netherlands and U.K. Following the respective Bank's decision in 2021, the Group ceased its operation in Egypt, Malta and NBG London Branch. Also, in April 2024, the Cyprus Branch transferred its operations to NBG Cyprus Ltd. Therefore, the NBG Egypt Branch, the NBG London Branch, the Cyprus Branch and the subsidiaries NBG Malta Ltd (formerly known as NBG Bank Malta Ltd) and NBG Malta Holdings Ltd are currently under liquidation.

The Board of Directors ("BoD") consists of the following members:

The Non-Executive Chairman of the Board of Directors

Gikas Hardouvelis

Executive members

Pavlos Mylonas

Christina Theofilidi

Independent Non-Executive Members

Avraam Gounaris - Senior Independent Director

Anne Clementine Marcelle Marion-Bouchacourt

Claude Edgard Louis Ghislain Piret

Wietze Reehoorn

Matthieu Joseph Kiss

Elena Ana Cernat

Aikaterini Beritsi

Jayaprakasa (JP) Rangaswami

Athanasios Zarkalis

Non-Executive Representative of the Hellenic Financial Stability Fund (Greek Law 3864/2010)

Periklis Drougkas

Board and Board Committees' Secretary

Panos Dasmanoglou

The Board of Directors Μembers are elected by the Bank's General Meeting of Shareholders for a maximum term of three years and may be re-elected. The term of the above Members expires at the Annual General Meeting of the Bank's Shareholders in 2024.

These Interim Financial Statements have been approved for issue by the Bank's Board of Directors on 28 April 2024.

8

Notes to the Interim Financial Statements

Group

NOTE 2 Basis of preparation and material accounting policies

2.1 Basis of preparation

The condensed consolidated Interim Financial Statements as at and for the three-month period ended 31 March 2024 (the "Interim Financial Statements") have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". These Interim Financial Statements include selected explanatory notes and do not include all the information required for full set of Annual Financial Statements. Therefore, the Interim Financial Statements should be read in conjunction with the consolidated Annual Financial Statements for the Group as at and for the year ended 31 December 2023, which have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as endorsed by the European Union (the "EU").

These Interim Financial Statements have been prepared under the historical cost basis except for the financial assets measured at fair value through other comprehensive income, financial assets and financial liabilities (including derivative instruments) measured at fair- value-through-profit-or-loss. The carrying values of recognised assets and liabilities that are hedged items in fair value hedges, and otherwise carried at amortised cost, are adjusted to record changes in fair value attributable to the risk being hedged. In accordance with the transitional provisions provided by IFRS 9, the Group has elected to continue accounting for hedging transactions under IAS 39 as adopted by the EU, including the provisions related to macro-fair value hedge accounting (IAS 39 "carve-out"). Certain provisions of IAS 39 on hedge accounting have been excluded (see Note 2.7.6 "Portfolio Hedges (Macro Hedge)" of the Annual Financial Statements for the Group as at and for the year ended 31 December 2023).

The accounting policies used in the preparation of these Interim Financial Statements have been consistently applied with those in the consolidated Annual Financial Statements for the year-ended 31 December 2023. Where necessary, comparative figures have been adjusted to conform to changes in the current period's presentation.

These Interim Financial Statements have been prepared on the basis that the Group will continue to operate as a going concern (see Note 2.2 "Going Concern").

The Group's presentation currency is the Euro (€) being the functional currency of the parent company. Except as indicated, financial information presented in Euro has been rounded to the nearest million.

2.2 Going concern

Going concern conclusion

After considering (a) the significant recurring profitability of the Group, (b) the significant collateral buffer and Liquidity Coverage Ratio ("LCR") and Net Stable Funding Ratio ("NSFR") which is well above 100%, (c) the Group's Common Equity Tier 1 ("CET1") ratio as at 31 March 2024 which exceeded the Overall Capital Requirements ("OCR"), (d) the increasing support from the Recovery and Resilience Facility ("RRF"), and (e) the Group's insignificant exposure to Russia, Ukraine and Middle East and the Management's actions with respect to crises, the Board of Directors concluded that the Group is a going concern and thus the application of the going concern principle for the preparation of these Interim Financial Statements is appropriate.

Profitability

For the period ended 31 March 2024, the profit for the period amounted to €359 million for the Group, whereas Group's earnings per share amounted to €0.39.

Liquidity

As at 31 March 2024, the Bank's liquidity buffer at cash values amounted to €25.7 billion, with the LCR and NSFR ratios well above 100%.

Capital adequacy

The Group's Common Equity Tier 1 ("CET1") and Total Capital ratios as at 31 March 2024 were 17.8% and 20.5% respectively, exceeding the OCR ratio of 9.62% for CET1 and 14.32% for Total Capital for 2024, (see Note 17 "Capital Adequacy").

Macroeconomic developments

Greece's Gross Domestic Product ("GDP") increased by 2.0% y-o-y in FY.2023 (according to the data released by the Hellenic Statistical Authority in March 2024) − in line with NBG's baseline scenario used in the 4Q.2023 estimates − outpacing the euro area average (+0.4% y-o-y) for a 3rd consecutive year. GDP growth eased to 1.2% y-o-y in 4Q.2023, as the drag on domestic production from the catastrophic flood in Central Greece, in September 2023, was combined with a temporary drop in gross fixed capital formation and falling demand for goods exports due to the weak economic conditions in Greece's major export partners (mostly euro area countries).

9

Notes to the Interim Financial Statements

Group

The economic performance of Greece in 2024 is expected to be supported by several factors, which seem sufficient to warrant a sustained outperformance against the euro area and provide a credible cushion against potential downside risks. The most important growth catalysts for 2024 include: i) the positive impact of deferred investment spending from 2023 (mostly projects related to the Recovery & Resilience Facility - "RRF" − and reconstruction works in the flood-hit Central Greece) and the planned increase in private and RRF-related spending, in the current year, ii) supportive labor market conditions (accelerating employment growth, higher labor force participation and ongoing wage adjustment), and iii) strong tourism prospects for FY.2024.

Sectoral survey and business turnover data showed a strengthening, in q-o-q terms, in 1Q.2024 especially in the services and construction sectors, while indicators of fixed capital investment spending, employment and industrial activity also recorded an improvement, compared with 4Q.2023. Specifically:

• Employment growth accelerated to 2.3% y-o-y in 2M.2024, from 1.2% in 4Q.2023, while a new increase (+6.4%) of the minimum wage was enacted in April 2024.
• Public Investment Budget ("PIB") expenditure (including RRF) was up by 55.8% y-o-y in 2M.2024, with total PIB expenditure in FY.2024 expected significantly higher, in annual terms.
• The Economic Sentiment Indicator ("ESI") surged to a 7-month high of 108.4 in March 2024 (106.9 in 1Q.2024 and 105.6 in 4Q.2023), on the back of increased confidence in the services, construction and industry sectors.
• The manufacturing Purchasing Managers' Index ("PMI") surged to a 2-year high of 56.9 in March 2024 (remaining the highest in the euro area), reflecting stronger domestic demand and export orders.
• Tourism arrivals and revenue were up by 16.0% and 27.3%, respectively, in January 2024, while international arrivals in the Athens Airport rose by 19.4% in 1Q.2024)

Strong cyclical tailwinds and sustained efficiency gains bolstered the country's fiscal performance, with a General Government primary surplus higher than the State Budget estimate of 1.1% of GDP expected for FY.2023, whereas the primary surplus in the State Budget, on a modified cash basis, reached €2.95 billion in 3M.2024 exceeding the respective budget target by c. €0.9 billion. Data from the Hellenic Public Debt Management Agency showed that the General Government gross debt fell significantly to 162% of GDP in FY.2023, while it is expected (State Budget 2024) to decrease further (152.3%) in 2024, exhibiting an impressive cumulative decline of around 50% of GDP, over a 4-year period.

The aggressive monetary policy tightening, reflected in the 450 bps hikes in policy rates by the ECB, between July 2022 and September 2023, weighed on bank lending growth. However, Greece continued to outperform the euro area average in the first months of 2024. Total credit to the private sector by Greek banks increased by 3.4% y-o-y and credit to Non-Financial Corporations ("NFCs") by 5.5% in 2M.2024, from 3.7% and 5.8%, respectively, in December 2023. Private sector deposits remained close to a 13-year high in February 2024 (€188.6 billion), despite the cumulative net outflow of €6.3 billion in 2M.2024, which broadly offset the €6.4 billion spike in monthly deposit flows in December 2023, due to supportive seasonal factors. Consumer loans accelerated to a 15-year high of 4.4% y-o-y, while the annual change in mortgage loans, provided by the Greek banking system, remained negative (-3.5% on average in 2M.2024, unchanged compared with December 2023).

Residential real estate prices increased by 11.8% y-o-y in 4Q.2023 (Bank of Greece data released on 5 March 2024) and 13.4% y-o-y in FY.2023 − with their cumulative appreciation, over the past 6 years, at 61% − with signs of further increases in 1Q.2024, according to market sources, as demand remains robust and construction costs continue to increase at a rapid pace.

The combined impact of the above-described supportive factors bodes well for an annual GDP growth of c. 2.4% y-o-y in 2024, according to the average of latest available official sector and private consensus estimates.

Greece's growth performance in 2024, but also in the medium term, is expected to be supported by the following factors:

• Solid fixed capital investment growth, on the back of a strong pipeline of private investment and increasing impact of the RRF, as less than 15% of related spending has been realised despite the high nominal absorption rate (c.50% of available funding until 1Q.2024). Gross fixed capital formation is expected to rise, at a double-digit pace, bolstered by positive demand prospects, high capacity-utilization rates, and resilient profitability.
• Tourism is headed for a new record in 2024, according to arrivals data available for the first months of 2024 and preliminary information on early bookings from major global tour operators.
• Supportive labor market conditions − with employment growth accelerating in the first months of 2024, and wage adjustments continuing in 2024 − are expected to contribute to an increase in real disposable income, despite the observed inertia in CPI inflation in recent months.

10