Moody’s raises outlook on National Bank of Greece long-term deposits

Athens, Greece. Moody’s Ratings has raised the outlook on National Bank of Greece’s long-term deposits to positive from stable, while affirming its Baa1 long-term deposit and senior unsecured debt ratings.

The action followed Moody’s revision of Greece’s sovereign rating outlook to positive from stable, while the sovereign rating remained at Baa3.

Ratings action

Moody’s changed the outlook on the bank’s senior unsecured debt to stable from negative and confirmed its Baseline Credit Assessment and Adjusted Baseline Credit Assessment at baa3.

The agency also affirmed the bank’s short-term deposit rating at P-2, counterparty risk ratings at Baa1/P-2 and Tier 2 debt rating at Baa3.

Credit profile

The positive outlook on the bank’s long-term deposits is directly linked to the recent change in Greece’s sovereign rating outlook.

Moody’s said the bank’s credit profile was supported by strong recurring profitability, high capitalisation, good asset quality and a particularly strong liquidity position.

However, the bank’s standalone credit profile continues to be constrained by Greece’s sovereign rating because of its significant exposure to domestic sovereign risk.

Financial performance

During the first half of 2026, National Bank of Greece recorded an annualised return on tangible equity of 15.5 per cent, while core revenue increased by 3 per cent year on year.

The revenue increase was supported by higher net fee and commission income. Operating expenses rose by 8 per cent during the period, partly reflecting continued investment in personnel, technology and digital infrastructure, according to Moody’s.