National Bank of Greece Updating Estimates Post Q1

Goldman Sachs maintains a Neutral rating on National Bank of Greece, raising the price target to €18.00 following a Q1 net profit beat and signs that interest margins have bottomed.

Key Takeaways

• 1.Q1 2026 net profit beat consensus by 6%, driven by strong revenues (NII and trading) despite higher voluntary exit provision costs.
• 2.Management indicates Q1 2026 likely represents the trough for Net Interest Margins (NIM), with NII expected to trend upward.
• 3.Price target raised to €18.00 from €17.25, reflecting higher EPS estimates for 2027 and 2028 on stronger NII expectations.

Table of Contents

• Revenues
• Costs
• Capital
• Estimate changes
• Valuation
• Investment thesis & key risks
• Disclosure Appendix

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