According to a recent announcement, the Group recorded increased revenues, high profitability, and strong capital adequacy, maintaining stable earnings while further expanding its presence in Cyprus and Bulgaria.
Revenue Performance
Net interest income rose by 4% year-on-year to €1.9 billion, despite the reduction in interest rates by the ECB. The net interest margin stood at 2.49%, down 32 basis points. Fee and commission income grew significantly by 23.7%, reaching €557 million, driven by strong contributions from Network operations, Asset Management, and Insurance activities, following the acquisition of CNP Cyprus Insurance in April 2025. Overall, organic revenues increased by 7.9% to €2.46 billion, while total Group revenues rose 6.6% to €2.51 billion.
Cost Management and Operational Efficiency
Operating expenses increased by 6.9% in Greece and 23.3% at Group level (or 6% excluding Hellenic Bank), reaching €930 million. Cost-to-organic revenue and cost-to-total revenue ratios remained at competitive levels, at 37.8% and 37.1% respectively. Organic pre-provision profits amounted to €1.53 billion, while total pre-provision profits reached €1.58 billion. Provisions for credit losses rose slightly by 3.7% to €237 million, corresponding to 61 basis points of average loans.
Profitability and Returns
Organic operating profits before tax reached €1.29 billion, slightly down 0.4% year-on-year. Adjusted net profits stood at €1.06 billion, a decrease of 7.6%, while total net profits amounted to €1.03 billion, down 9.0%. The results include €26 million in voluntary exit costs for Hellenic Bank, €58 million negative goodwill from the CNP Cyprus Insurance acquisition, and a €19 million contribution to government projects. Earnings per share were €0.28, with a return on tangible equity (ROTE) of 16.2%.
Strong International Performance and Capital Position
The Group’s international operations remained highly profitable, with net profits increasing 11.8% to €557 million, contributing over 52% of total profitability. Cyprus posted a 10.3% increase in net profits to €370 million, while Bulgaria grew 8.7% to €167 million. The non-performing exposure (NPE) ratio declined further to 2.8%, with a coverage ratio of 94%. The CET1 and total capital adequacy (CAD) ratios stood at 15.5% and 18.9%, respectively.
Loan and Deposit Growth
Group total assets amounted to €103 billion, with €59.2 billion in Greece, €28.1 billion in Cyprus, and €12.7 billion in Bulgaria. Loans increased organically by €3.3 billion, while customer deposits reached €79 billion, with an L/D ratio of 66.9% and a liquidity coverage ratio (LCR) of 180.4%. Additionally, assets under management grew 32% to €9.3 billion, and private banking assets reached €14 billion, up 10%.
