National Bank of Greece sets November dates for interim dividend

The National Bank of Greece (NBG) is due to announce its nine-month 2026 financial results on November 5, followed by a series of dates linked to an expected interim dividend later in the month, according to an updated financial calendar issued on Tuesday. The Greek lender said its ex-dividend date for the interim distribution will be November 16, with beneficiaries assessed on November 17 and payment scheduled for November 20. The dates formed part of an updated 2026 financial calendar published by the National Bank of Greece on Tuesday, following an earlier announcement issued on June 3. The bank’s remaining financial calendar for the year will begin with the nine-month results announcement on November 5, giving investors an update on performance through the end of September. The following day, November 16, has been designated as the ex-dividend date for the interim dividend, while shareholders eligible for the payment will be assessed on November 17. The interim dividend is scheduled to be paid on November 20. The bank did not disclose the value of the interim distribution in Tuesday’s announcement, but Goldman Sachs had forecast in August that the National Bank of Greece could make an interim distribution of around €220 million during the third quarter. The US investment bank said management had left open the possibility of an interim distribution following the lender’s second-quarter results, leading Goldman to include an estimated €220 million payment in its forecasts. Goldman expected the potential distribution to form part of the National Bank of Greece’s broader strategy of increasing returns to shareholders, with its forecasts pointing to progressively higher dividend payments in the coming years. It forecast a dividend of €0.59 per share for 2026, rising to €0.76 in 2027 and €0.90 in 2028. Excluding share buybacks, Goldman expected the dividend payout ratio to increase from 45 per cent in 2026 to 48.2 per cent in 2027 and 51.7 per cent in 2028. The investment bank nevertheless took a more cautious view of the lender’s earnings outlook, reducing its earnings-per-share estimates by 3 per cent for 2026, 1 per cent for 2027 and 2 per cent for 2028. Goldman forecast reported earnings per share of €1.31 for 2026, €1.58 for 2027 and €1.74 for 2028. Those figures refer to reported earnings per share and are therefore not directly comparable with the National Bank of Greece’s guidance for adjusted earnings per share of more than €1.40 this year. Despite the lower earnings forecasts, Goldman continued to expect strong revenue performance and credit expansion at the bank. It forecast that the National Bank of Greece would remain on track to achieve its target of more than €3 billion in credit expansion, while its revised guidance for net interest income pointed to growth in the mid-single-digit range. Goldman also saw potential for further net interest income growth as some of the increase in deposits had yet to be converted into lending. The investment bank forecast that the bank’s CET1 capital ratio would reach 17.2 per cent at the end of 2026, before gradually declining to 15.8 per cent by 2028. It attributed the projected decline to the combined effect of higher shareholder distributions and organic growth in risk-weighted assets. Goldman described the National Bank of Greece as the best-capitalised bank in the Greek banking system, while expecting it to make greater use of surplus capital through increased distributions and stronger lending growth. At the same time, it expected the lender to maintain a capital buffer that could be used for potential strategic moves. Goldman raised its price target for the National Bank of Greece to €18.75 from €18.50, while retaining a neutral rating.