Eurobank’s adjusted net profit in Cyprus reached pound 103 million on an annual basis, according to the financial results for the first quarter of the year. In addition, total assets in Cyprus stood at pound 28.7 billion, while customer deposits amounted to pound 23.8 billion.
Loans grew organically by pound 1.1 billion in the first quarter of 2026, of which pound 0.4 billion was in Greece and pound 0.7 billion in operations outside Greece. Total loan balances (before provisions) stood at pound 57.1 billion as of March 31, 2026, of which pound 37.7 billion was in Greece and pound 9.0 billion in Cyprus.
According to Eurobank’s financial results, the bank posted a strong performance in the first quarter of 2026, with organic loan growth of pound 1.1 billion (+9.8% year-on-year) and an increase in assets under management of pound 0.3 billion (+25.9% year-on-year).
Earnings per share stood at pound 0.09, with operations outside Greece contributing 47% to adjusted net income, while return on tangible equity reached 15.1%.
Tangible equity per share stood at pound 2.55, while the capital adequacy ratio (CAD) reached 20.4% and the CET1 ratio stood at 15.4%. Additionally, the NPE ratio stood at 2.6%, while the provision-to-NPE ratio reached 94.1%.
In the press release, Eurobank’s CEO Fokion Karavias said that ‘despite a challenging environment, Eurobank continues its sustained solid performance and organic growth. During the first quarter of 2026, credit expansion was strong across all our core markets, with organic loan growth totaling pound 1.1bn and the loan book growing by 10% year-on-year.’
Net interest income rose to pound 664m
———————-
Additionally, net interest income rose by 4.0% year-on-year to pound 664m. Net interest margin receded by 7 basis points year-on-year to 2.46%, reflecting primarily the reduction in ECB rates (1Q2026 average ECB Deposit Facility Rate of 200 basis points, compared to 279 basis points in 1Q2025).
Net fee and commission income expanded by 19.9% year-on-year to pound 203m, mainly due to fees from lending and wealth management activities, as well as insurance income following the acquisition of the ERB insurance subsidiaries in Cyprus in 2Q25. Fee and commission income accounted for 75 basis points of total assets.
Core income grew by 7.4% year-on-year to pound 866m, while total operating income increased by 6.1% year-on-year to pound 877m. Operating expenses rose by 8.5% year-on-year to pound 330m. The cost-to-core income ratio and the cost-to-total income ratio reached 38.1% and 37.6%, respectively, in 1Q2026.
Core pre-provision income increased by 6.6% year-on-year to pound 536m, while pre-provision income rose by 4.7% to pound 547m. Loan loss provisions increased by 0.3% year-on-year to pound 76m, accounting for 55 basis points of average net loans.
Core operating profit before tax rose by 7.8% year-on-year to pound 460m. Adjusted net profit increased by 0.7% year-on-year to pound 351m.
Reported net profit reached pound 331m and includes, among others, a VES cost of pound 35m at Eurobank Ltd and a pound 19m gain from discontinued operations, while EPS and return on tangible book value reached pound 0.09 and 15.1%, respectively.
The adjusted net profit of the non-Greek operations decreased by 10.4% year-on-year to pound 165m, contributing 47.0% to the Group’s profitability. Specifically, adjusted net profit in Cyprus declined by 14.7% year-on-year to pound 103m, while adjusted net profit in Bulgaria increased by 2.2% year-on-year to pound 56m.
The NPE ratio stood at 2.6%, while provisions over NPEs reached 94.1% as of March 31, 2026 and capital adequacy remained robust, with Total CAD and CET1 ratios reaching 20.4% and 15.4%, respectively, at March 31, 2026.
Tangible book value per share reached pound 2.55 at March 31, 2026, up 6.7% year-on-year and total assets amounted to pound 108.0bn at March 31, 2026, of which pound 62.3bn were in Greece, pound 28.7bn in Cyprus and pound 14.0bn in Bulgaria.
Loans grew organically by pound 1.1bn in 1Q2026, of which pound 0.4bn was in Greece and pound 0.7bn in non-Greek operations. Total gross loans amounted to pound 57.1bn at March 31, 2026, of which pound 37.7bn were in Greece, pound 9.0bn in Cyprus and pound 9.3bn in Bulgaria. At Group level, business loans stood at pound 35.2bn, mortgages at pound 13.1bn and consumer loans at pound 5.0bn.
Customer deposits amounted to pound 82.4bn at March 31, 2026 (down by pound 0.2bn in 1Q2026), of which pound 45.0bn were in Greece, pound 23.8bn in Cyprus and pound 11.1bn in Bulgaria. The loan-to-deposit ratio and the liquidity coverage ratio stood at 67.6% and 165.3%, respectively, at March 31, 2026.
Managed funds grew by 25.9% year-on-year to pound 10.2bn at March 31, 2026. Private banking client assets and liabilities increased by 6.2% year-on-year to pound 14.1bn at March 31, 2026.
Half of the Group’s profits come from non-Greek operations
——————–
Eurobank’s CEO also said that in Greece, corporate loans experienced significant growth due to increased investments, while mortgages are gradually recovering. Wealth management delivered solid results, achieving a 26% year-on-year increase in managed funds.
Earnings per share reached 9 cents, with non-Greek operations contributing around half of the Group’s profits. He added that Eurobank delivered these results while the global economy continues to be affected by developments in the Gulf region.
‘Although the impact is still difficult to quantify, there is a broad expectation that growth prospects, both globally and regionally, will weaken, with GDP estimates already revised downward. However, all our core markets are expected to continue outperforming the eurozone growth rate,’ he said.
He also noted that for Greece and Cyprus in particular, entering this international crisis from a solid fiscal position is a major advantage that should be safeguarded through prudent fiscal policy, while also providing the necessary relief measures to vulnerable households and businesses.
‘Overall, the first quarter demonstrated robust top-line performance and reaffirmed our ability to sustain organic growth. As such, without underestimating the volatile geopolitical environment and its adverse impact on economic growth, we are on track to deliver our 2026 plan,’ he added.