Moody’s Upgrades National Bank of Greece Deposits Outlook to Positive Amid Strong Financial Metrics
Moody’s Ratings has raised the outlook on the National Bank of Greece’s long-term deposits to positive from stable, while confirming its long-term deposit and senior unsecured debt ratings at Baa1. The upgrade follows an improved outlook for Greece’s sovereign rating, which remains at Baa3. Moody’s cited the bank’s strong recurring profitability, high capitalization, robust asset quality, and excellent liquidity position as key factors strengthening its credit profile.
In the first half of 2026, the National Bank of Greece reported an annualised return on tangible equity of 15.5%, with a 3% increase in core revenue year-on-year. Despite an 8% rise in operating expenses due to investments in personnel and technology, operating efficiency remained strong with a cost-to-income ratio near 35%. The bank’s common equity tier 1 ratio stood at 17.3%, well above its internal target.
Asset quality remained solid with a non-performing exposure ratio of just 2.4%, supported by 105% NPE coverage. Moody’s also highlighted the bank’s strong liquidity, with a loan-to-deposit ratio of 67% and a liquidity coverage ratio of 227%. The positive outlook is contingent on continued strong performance and potential upgrades to Greece’s sovereign rating.
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