National Bank of Greece SA
National Bank of Greece SA operates as a commercial bank within the Financials sector, generating revenue through interest income and fees from its banking activities.
Business. National Bank of Greece SA is a commercial bank headquartered in Greece, operating within the Banking Services industry group. The company generates revenue primarily through interest income, consistent with standard commercial banking models. It is listed on the Athens Exchange under the ticker symbol NBGR.AT. Specific details regarding operating segments and geographic revenue mix are not provided.
Analyst recommendations
19 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
6Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Peers
- DividendDividend USD 1.75/sh2026-09-25 · Bank of America (BAC)
- EarningsQ3 2026 earnings (expected)2026-10-13 · estimated · JPMorgan Chase (JPM)
- EarningsQ3 2026 earnings (expected)2026-10-13 · estimated · Citigroup (C)
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
There are no material changes to report for National Bank of Greece SA (NBGR.AT) in the current analysis period. A review of 17 fields confirmed no significant shifts compared to prior assessments, with four schema-expansion fields excluded from the evaluation. The company’s fundamental profile remains static, as indicated by the absence of new data regarding officer counts, analyst coverage, index memberships, or top holder positions. This lack of movement suggests a period of stability or inactivity in these specific structural metrics. Market attention has been minimal, with cross-source signals showing very low dispatch volumes over the past 30 days. Specifically, only three dispatches were recorded on June 30, July 2, and July 3, 2026, while the remaining days in the window showed zero activity. Given the absence of material changes, watcher signals, or significant news flow, there is no new information to alter the investment thesis or risk profile for NBGR.AT at this time. Investors should continue to monitor for future updates, as the current data reflects a quiet period with no discernible shifts in sentiment or corporate structure.
Signals & dispatch
Composite-score breakdown
Synthesis
National Bank of Greece SA is a commercial bank headquartered in Greece, operating within the Banking Services industry group. The company generates revenue primarily through interest income, consistent with standard commercial banking models. It is listed on the Athens Exchange under the ticker symbol NBGR.AT. Specific details regarding operating segments and geographic revenue mix are not provided.
National Bank of Greece maintains a capital structure supported by total equity of 9.06 billion EUR against total liabilities of 69.83 billion EUR. The bank carries long-term debt of 4.46 billion EUR, resulting in a debt-to-equity ratio of 0.49. Operating cash flow stands at 3.17 billion EUR, while free cash flow is 226 million EUR after capital expenditures of 538 million EUR. The risk assessment indicates medium liquidity risk, noting that net cash is negative after subtracting total debt.
Profitability metrics show a return on equity of 12.49% and a return on assets of 1.43%. The bank reported net income of 1.16 billion EUR on revenue of 2.14 billion EUR for the latest normalized period. Without cohort median data provided in the input, specific comparative analysis against sector peers is omitted, but the positive net income indicates current profitability.
There are no material changes to report for National Bank of Greece SA (NBGR.AT) in the current analysis period. A review of 17 fields confirmed no significant shifts compared to prior assessments, with four schema-expansion fields excluded from the evaluation. The company’s fundamental profile remains static, as indicated by the absence of new data regarding officer counts, analyst coverage, index memberships, or top holder positions. This lack of movement suggests a period of stability or inactivity in these specific structural metrics. Market attention has been minimal, with cross-source signals showing very low dispatch volumes over the past 30 days. Specifically, only three dispatches were recorded on June 30, July 2, and July 3, 2026, while the remaining days in the window showed zero activity. Given the absence of material changes, watcher signals, or significant news flow, there is no new information to alter the investment thesis or risk profile for NBGR.AT at this time. Investors should continue to monitor for future updates, as the current data reflects a quiet period with no discernible shifts in sentiment or corporate structure.
- National Bank of Greece reports a debt-to-equity ratio of 0.49, indicating moderate leverage.
- Return on equity is 12.49%, reflecting efficient use of shareholder capital.
- Operating cash flow of 3.17 billion EUR supports ongoing operations despite negative net cash position.
- Analyst sentiment is positive with a mean recommendation of 2.00 and a median price target of 17.32 EUR.
- Dilution risk is low as basic and diluted share counts are identical.
Bull / Bear case
Generated · model-assistedNet income grew at a 7.5% CAGR over four years, reaching EUR 1.16 billion in FY2026.
Equity expanded at a 12.0% CAGR over five years, reaching EUR 9.06 billion in FY2026.
Cash conversion ratio of 2.8 is well above the 1.15 median for the banking peer group.
Long-term debt surged to EUR 4.46 billion in FY2026, up from EUR 2.23 billion in FY2022.
Total assets contracted at a -1.5% CAGR over five years, indicating balance sheet shrinkage.
The company faces a medium level of liquidity risk according to internal risk flag assessments.
In focus — financials by report
Revenue €541.0M, −1,3% YoY; Net income −9,6% YoY.
- ▍Revenue €541.0M, −1,3% YoY
- ▍Net income −9,6% YoY
- ▍Free cash flow −7,3% YoY
- ▍Net margin 50.3%
Revenue €530.0M, −7,7% YoY; Net income +59,0% YoY.
- ▍Revenue €530.0M, −7,7% YoY
- ▍Net income +59,0% YoY
- ▍Free cash flow −291,3% YoY
- ▍Net margin 51.9%
Revenue €526.0M, −10,8% YoY; Net income −13,0% YoY.
- ▍Revenue €526.0M, −10,8% YoY
- ▍Net income −13,0% YoY
- ▍Free cash flow +1 342,9% YoY
- ▍Net margin 52.1%
Revenue €533.0M, −9,0% YoY; Net income −0,6% YoY.
- ▍Revenue €533.0M, −9,0% YoY
- ▍Net income −0,6% YoY
- ▍Free cash flow −2,3% YoY
- ▍Net margin 58.2%
Revenue €548.0M; Net margin 54.9%.
- ▍Revenue €548.0M
- ▍Net margin 54.9%
Revenue €574.0M; Net margin 30.1%.
- ▍Revenue €574.0M
- ▍Net margin 30.1%
Revenue €590.0M; Net margin 53.4%.
- ▍Revenue €590.0M
- ▍Net margin 53.4%
Revenue €586.0M; Net margin 53.2%.
- ▍Revenue €586.0M
- ▍Net margin 53.2%
Revenue €2.14B, −9,3% YoY; Net income +0,2% YoY.
- ▍Revenue €2.14B, −9,3% YoY
- ▍Net income +0,2% YoY
- ▍Free cash flow −68,4% YoY
- ▍Net margin 54.3%
Revenue €2.36B, +4,1% YoY; Net income +4,7% YoY.
- ▍Revenue €2.36B, +4,1% YoY
- ▍Net income +4,7% YoY
- ▍Free cash flow −8,2% YoY
- ▍Net margin 49.2%
Revenue €2.26B, +65,3% YoY; Net income −1,2% YoY.
- ▍Revenue €2.26B, +65,3% YoY
- ▍Net income −1,2% YoY
- ▍Free cash flow −10,2% YoY
- ▍Net margin 48.9%
Revenue €1.37B, +12,9% YoY; Net income +29,2% YoY.
- ▍Revenue €1.37B, +12,9% YoY
- ▍Net income +29,2% YoY
- ▍Free cash flow +13,4% YoY
- ▍Net margin 81.8%
Valuation TTM
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 1,37 |
| Revenue | —no estimate | —no estimate | 2,9B EUR |
| Operating income | —no estimate | —no estimate | 1,8B EUR |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Actions
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- Reference data
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Cash Conversion Ratiooperating_cash_flow / net_income
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Return On Assetsnet_income / total_assets
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- National Bank of Greece SA Market data — financials · 2026-07-07
- National Bank of Greece SA Market data — analyst estimates · 2026-07-07
- National Bank of Greece SA Market data — ESG · 2026-07-07