Net interest margin

National Bank of Greece (NBG) on Tuesday announced profits of 1.2 billion euros in 2023, driven mainly by interest rates. Net interest income jumped by 65% year-on-year.

One of the pillars of Greek banks' profitability has been the limited increase in interest rates on deposits, leading to the highest interest spread in the eurozone - i.e. the difference between loan interest rates and deposit interest rates.

Greece endured a significant increase in the cost of borrowing in 2017 even though interest rates in Europe are at a historic low.