National Bank quarterly profit drops on lower trading income

Bank stakes. The Hellenic Financial Stability Fund will invite more interested parties to submit offers for the acquisition of its stakes in National Bank and Piraeus Bank. At the moment, the Saudi Arabian state fund PIF has expressed an interest in 20% of National, while Italy's ION Group has submitted an offer for 27% of Piraeus.

National Bank, the country's second-largest lender by market value, has posted a 28% drop in earnings for the first quarter on lower trading income and one-off items.

NBG, 40 percent-owned by the country's HFSF bank rescue fund, said net profit stood at 260 million euros in the first quarter, down from 360 million euros in the same period last year.

The bank booked gains of 50 million euros from trading income versus gains of 120 million euros in the first quarter of 2022.

Net interest income grew by 73% year-on-year over the January to March period to 497 million euros, benefiting from a series of rate hikes by the European Central Bank over the past year.

Provisions for impaired loans were unchanged at 56 million euros with so-called non-performing exposures (NPE) declining to 5.2% of the bank's loan book in March from 6.7% in the same month last year....

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