Cyprus' contribution to the profitability of the Eurobank Group remains significant, with adjusted net profits from activities in the Cyprus market amounting to €356 million in the first nine months of 2026, however recording an annual decrease of 3.9%.
In the same period, the Group showed an increase in its overall profitability, with adjusted net profits reaching €1.209 billion, with operations outside Greece contributing 45.9% of adjusted profitability.
Assets in Cyprus at €29.4 billion
With regard to Cyprus in particular, based on the one-month results, the size of Eurobank's activities in the Cypriot market is particularly significant, with total assets attributable to Cyprus standing at €29.4 billion as of 30 September, 2026.
This amount corresponds to approximately 25.7% of the Group's total assets, which amounted to €114.2 billion.
Of the total assets, €66.9 billion is attributable to Greece and €14.8 billion to Bulgaria.
It is noted that the presence of Cyprus in the consolidated balance sheet demonstrates the importance of the Cypriot market in the overall size and geographical diversification of Eurobank's activities.
Loans €9.3 billion and deposits €24.3 billion
At the lending level, total loan balances in Cyprus, before provisions, stood at €9.3 billion at the end of September 2026.
At Group level, total loans amounted to €59.1 billion, of which €38.6 billion in Greece and €10.1 billion in Bulgaria.
The Group's organic growth in loans during the nine-month period reached €3.8 billion, with €2 billion coming from Greece and €1.8 billion from operations outside Greece. The announcement does not separately specify the amount of organic growth in loans in Cyprus.
The siginficance of the Cypriot market in deposits is even greater.
Specifically, customer deposits in Cyprus amounted to €24.3 billion as of 30 September, 2026, representing approximately 27.9% of the Group's total deposits.
Eurobank's total deposits amounted to €87.2 billion, of which €48.5 billion in Greece and €11.7 billion in Bulgaria.
At Group level, deposits increased by €4.7 billion since the beginning of the year, while the annual increase amounted to 10.6%.
Strong fiscal picture of Cyprus
Eurobank's CEO, Fokion Karavias, made special reference to the Cypriot economy in his statement accompanying the nine-month results.
Karavias pointed out that Greece and Cyprus stand out in the European environment due to their strong primary surpluses and rapid de-escalation of their public debt.
As he mentioned, Cyprus' primary surplus stands at 4% of GDP, compared to 3.3% in Greece, while Cyprus' public debt-to-GDP ratio has decreased to 50%.
This report is part of his broader position on the prospects of the economies in which the Group operates, in a European environment that, as he notes, is characterized by energy and inflationary pressures and concerns about fiscal deficits and public debt.
Specefically, Karavias said, “As Europe faces a severe energy and inflationary crisis with far-reaching political and social consequences, markets have brought concerns over fiscal deficits and rising public debt into focus. Greece and Cyprus stand out in this environment, with strong primary balances of 3.3% and 4.0% of GDP, respectively, and rapidly declining debt levels. Greece’s debt-to-GDP ratio is falling faster than any EU country, while Cyprus’s debt-to GDP is down to 50%."
He continued, "Bulgaria also benefits from a low public debt-to-GDP ratio of 33%, while the euro adoption and the return of political stability further strengthen the country’s macroeconomic outlook. Against this backdrop, in terms of organic growth, Eurobank continues to perform strongly. The loan book expanded by 10.5% annually and by €3.8bn during the nine months of 2026."
In his statement, the CEO continued, "Deposits increased by 10.6% year-on-year and by €4.7bn year to date, while managed funds grew by €2.1bn or 22.3% on a yearly basis. As a result of the strong performance, the return on Tangible Book Value reached 17%, with a pronounced contribution from our regional activities of nearly half of profit."
"The 9M26 performance demonstrates our consistent ability to deliver organic growth and gives us confidence in meeting or exceeding our full-year targets. The acquisition completion of Eurolife provides an additional growth engine, particularly in insurance and asset management. Reflecting the strength of our performance and prudent capital management, we will distribute an interim dividend of €5.99 cents per share on 26 November,” the CEO concluded.
Group's adjusted net profit at €1.2 billion
At Group level, Eurobank announced positive financial performance for the first nine months of 2026.
Adjusted net profits increased by 14.3% year-on-year to €1.209 billion, compared to €1.058 billion in the corresponding nine months of 2025.
Total net profits after taxes amounted to €1.161 billion, recording an increase of 12.4%.
Net interest income increased by 8.7% to €2.068 billion, while net fee and commission income increased by 13% to €630 million.
Total operating income amounted to €2.776 billion, up 10.8% year-on-year.
At the same time, organic operating profits before taxes increased by 14.4%, reaching €1.478 billion.
The cost-to-income ratio improved to 35.8%, from 37.1% in the corresponding nine months of 2025, despite an increase in operating expenses of 6.9%.
Reduction of non-performing exposures
Regarding the quality of the loan portfolio, the Group's non-performing exposures (NPEs) ratio fell to 2.4%, from 2.8% in the first nine months of 2025.
The coverage of non-performing exposures by cumulative provisions stood at 81.9%.
Eurobank notes, however, that a possible reclassification of loans related to the Swiss franc loan conversion law in the fourth quarter of 2026 may increase the NPEs ratio by approximately 40 basis points.
At the same time, the Group's overall capital adequacy ratio stood at 20.4% and the CET1 ratio at 15.5%.
Interim dividend in November
Eurobank's management also announced the distribution of an interim dividend of 5.99 cents per share, with a payment date of 26 November, 2026.
According to Fokion Karavias, the nine-month performance confirms the possibility of achieving or even exceeding the goals for the entire year.
He also referred to the completion of the acquisition of Eurolife, which, as he noted, offers additional growth potential, particularly in the insurance and asset management sectors.
(Source: InBusinessNews)
