Eurobank posts adjusted profit of €1.209 billion in 9 months, up 14.3%
Key Facts
Eurobank said on October 29 that adjusted net profit reached €1.209 billion in the first nine months of 2026, up 14.3% year on year. Net profit after tax rose to €1.161 billion, an increase of 12.4%, according to the bank’s results as reported by CNN Greece. The figures reflect an expansion in core income sources, with interest and fee income growing faster than operating expenses. The bank also announced an interim cash dividend of €0.0599 per share, payable on November 26, 2026. Chief Executive Fokion Karavias said the period’s results confirm the group’s ability to deliver steady organic growth and meet or exceed its full-year targets.
Net interest income rose 8.7% to €2.068 billion, while net fee and commission income increased 13% to €630 million. The company attributed fee growth mainly to lending, wealth management and insurance activities, according to its results statement. Total operating income rose 10.8% to €2.776 billion in the first nine months. Operating expenses, meanwhile, increased 6.9% to €995 million, a slower pace than revenue growth. The cost-to-income ratio fell to 35.8% from 37.1% in the same period of 2025, reflecting improved operating efficiency during the period.
Business growth supported the expansion of the balance sheet, with loans increasing organically by €3.8 billion in the first nine months of 2026 and customer deposits rising by €4.7 billion. Assets under management also grew 22.3% year on year to €11.4 billion at September 30. The bank attributes part of fee income growth to lending, wealth management and insurance, activities that expanded alongside loans and assets under management. Karavias said the completion of the acquisition of Eurolife’s life insurance business adds strength to growth, particularly in insurance and wealth management. This comes as the bank seeks to expand fee-generating activities alongside interest income.
The non-performing loan ratio improved to 2.4% at September 30, 2026, compared with 2.8% in the same period of 2025. But coverage of those loans by accumulated provisions fell to 81.9% from 94%, according to bank data. The group warned that a possible reclassification of some loans linked to the Swiss franc loan conversion law during the fourth quarter could raise the non-performing loan ratio by about 40 basis points. The potential move could reduce coverage of these loans by provisions by about 10 percentage points. In another measure of profitability, return on tangible equity rose to 16.9% from 16.2%, while earnings per share increased to €0.31 from €0.28.
Activities outside Greece contributed €555 million to adjusted net profit, equivalent to 45.9% of the group’s profit in the first nine months. Results from these activities were at levels similar to those in the corresponding period, while performance differed between the two main markets cited in the results. In Cyprus, adjusted profit fell 3.9% to €356 million. In Bulgaria, it rose 9.2% to €182 million. The profit breakdown shows that nearly half of the group’s adjusted profit came from operations outside Greece, with growth in Bulgaria and a decline in Cyprus.
Karavias said Europe is facing an energy crisis and inflation with broad political and social implications, while concerns over fiscal deficits and rising public debt are at the forefront of markets’ attention. Against this backdrop, he stressed that the nine-month performance demonstrates the bank’s ability to sustain organic growth and meet or exceed its annual targets. Eurobank’s financial calendar sets February 4, 2027, as the date for announcing fourth-quarter and full-year 2026 results and holding an analyst briefing. Before then, the potential reclassification of Swiss franc loans could affect asset quality indicators and their provision coverage in the fourth quarter. The announced interim dividend will be paid to shareholders on November 26, 2026.