Eurobank Limited recorded €103 million in adjusted net profits for the first quarter in Cyprus, according to the financial figures announced on Friday.
Group‑level performance in Q1 2026
Eurobank Group’s adjusted net profits amounted to €351 million, up 0.7% year‑on‑year, while total net profits stood at €331 million, reflecting, among other items, a voluntary‑exit cost of €35 million at Eurobank Limited in Cyprus and a €19 million gain from non‑continuing operations. The Group also reported organic loan growth of €1.1 billion (+9.8% year‑on‑year) and a 25.9% increase in assets under management (€0.3 billion higher on an annual basis), with earnings per share at €0.09 and activities outside Greece contributing 47% of the Group’s adjusted net profits.
Return on tangible equity reached 15.1%, tangible equity per share stood at €2.55, and the Group’s capital ratios remained strong, with the total capital adequacy ratio (CAD) at 20.4%, the CET1 ratio at 15.4%, the non‑performing exposure (NPE) ratio at 2.6%, and the coverage ratio of NPEs by cumulative provisions at 94.1%.
Management commentary
Commenting on the first‑quarter results, Eurobank Group CEO Fokion Karabias noted that, "despite geopolitical challenges, the bank continues its organic growth and strong performance trajectory". He highlighted that credit expansion remained robust across all markets, with loans increasing by €1.1 billion or 10% year‑on‑year, that corporate lending grew strongly in Greece, funding investments, and that mortgage lending is showing signs of gradual recovery, while assets under management rose by 26% annually.
Karabias added that Greece and Cyprus are entering the global crisis with prudent fiscal policies, giving them room to support vulnerable households and businesses, and maintained that first‑quarter results reaffirm the Group’s revenue momentum and ability to deliver solid organic growth, keeping the Group on track to meet its 2026 targets.
Detailed Q1 financials
Net interest income rose 4.0% year‑on‑year to €664 million, though the net interest margin declined by 7 basis points to 2.46%, reflecting the reduction in ECB deposit‑facility rates (down to 200 basis points in Q1 2026 versus 279 basis points in Q1 2025). Net fee and commission income rose 19.9% to €203 million, driven by loan origination, wealth management, and insurance‑related income following the acquisition of ERB insurance subsidiaries in Cyprus in Q2 2025, representing 75 basis points of the Group’s total assets.
Organic income increased 7.4% year‑on‑year to €866 million, with total income up 6.1% to €877 million, while operating expenses rose 8.5% to €330 million, giving cost‑to‑organic‑income and cost‑to‑total‑income ratios of 38.1% and 37.6%, respectively.
Organic pre‑provision profits rose 6.6% to €536 million, and total pre‑provision profits increased 4.7% to €547 million, with loan‑loss provisions up 0.3% to €76 million (55 basis points of average loans).
Organic operating profits before tax increased 7.8% to €460 million, adjusted net profits reached €351 million (+0.7% year‑on‑year), and total net profits were €331 million, as noted above.
Results outside Greece and Cyprus contribution
Adjusted net profits from activities outside Greece fell 10.4% year‑on‑year to €165 million, accounting for 47.0% of Group profitability; within this, adjusted net profits in Cyprus declined 14.7% to €103 million, while Bulgarian operations’ adjusted net profits rose 2.2% to €65 million. The NPE ratio stood at 2.6% as of 31 March 2026, with NPE coverage by cumulative provisions at 94.1%.
Group capital adequacy remained robust, with the total capital adequacy ratio (CAD) at 20.4% and the CET1 ratio at 15.4%, while tangible equity per share amounted to €2.55, up 6.7% year‑on‑year. Total assets stood at €108.0 billion as of 31 March 2026, of which €62.3 billion were in Greece, €28.7 billion in Cyprus, and €14.0 billion in Bulgaria.
Loan and deposit positions
Loans grew organically by €1.1 billion in Q1 2026, of which €0.4 billion in Greece and €0.7 billion from activities outside Greece; total loan balances (before provisions) reached €57.1 billion, with €37.7 billion in Greece, €9.0 billion in Cyprus, and €9.3 billion in Bulgaria. Corporate loans stood at €35.2 billion, mortgage loans at €13.1 billion, and consumer loans at €5.0 billion.
Customer deposits amounted to €82.4 billion (down €0.2 billion in Q1 2026), with €45.0 billion in Greece, €23.8 billion in Cyprus, and €11.1 billion in Bulgaria; the loans‑to‑deposits ratio was 67.6% and the liquidity coverage ratio reached 165.3% as of 31 March 2026.
Assets under management rose 25.9% year‑on‑year to €10.2 billion, and private‑banking client assets increased 6.2% to €14.1 billion over the same period
