NBG after-tax profits up by 66% in Jan-Sep 2021 period, yoy

National Bank of Greece (NBG) reported after-tax profits over the first nine-month period of the year of 767 million euros, up by 66 percent on annual basis over the corresponding period of 2020.

Net profits from interest rates increased by 5 percent on an annual basis during the same period, reflecting a hike in the NPL portfolio, a continued rise in deposits and benefits from the TLTRO III financing scheme.

Net revenue from various types of commissions was up by 11 percent on an annual basis, in all categories of banking operations. On the other side of the ledger, NBG continued to reduce operational expenditures, by 8 percent during the Jan-Sep 2021 period, along with a 15-percent cut in employment costs.