Athens, Greece. Beta Securities has upgraded its forecasts for the National Bank of Greece for 2026, citing stronger-than-expected first-half results and a more favourable interest rate environment.
The bank reported underlying net profit of €661 million, excluding extraordinary items, and a return on tangible equity of 15.5 per cent, exceeding its management target.
Interest rate assumptions
Beta Securities raised its forecast for the European Central Bank’s deposit facility rate to 2.25 per cent from 2 per cent, reflecting expectations that rates will remain higher than previously anticipated.
According to the brokerage, every 25-basis-point change in the deposit facility rate affects the bank’s net interest income by about €35 million.
The revised assumptions led Beta Securities to increase its forecasts for net interest income and the net interest margin, despite continued pressure on lending margins.
Lending growth
Performing loans rose by €2.1 billion since the beginning of the year to €39.1 billion, while new loan disbursements reached €5.5 billion, up 30 per cent.
Beta Securities said the growth was mainly driven by corporate financing in the energy, infrastructure, shipping and tourism sectors.
The brokerage said the bank remains committed to its target of net credit expansion exceeding €3 billion in 2026.
