Eurobank Group has published its financial results for the first half of 2026, reporting continued growth across its key financial indicators. Despite lower European Central Bank interest rates and ongoing geopolitical uncertainty, the banking group increased its profitability, expanded its loan portfolio and strengthened its position in key markets, including Cyprus. Today, Cyprus remains one of Eurobank’s most important markets, accounting for nearly a quarter of the group’s total deposits and a significant share of its assets.
Revenue and Profit Continue to Grow
During the first half of 2026, Eurobank’s net interest income increased by 6.1% compared with the same period last year, reaching €1.348 billion. At the same time, the net interest margin declined slightly to 2.46%, reflecting lower European Central Bank benchmark interest rates. The ECB’s average deposit facility rate stood at 202 basis points, compared with 252 basis points a year earlier.
Fee income also remained a key driver of growth:
- net fee and commission income increased by 13.5% to €414 million;
- the main contributors were lending, wealth management and insurance services.
Total operating income rose by 9.0% to €1.810 billion.
Despite a 7.8% increase in operating expenses to €662 million, the bank maintained a high level of efficiency. The cost-to-income ratio remained at 36.6%, one of the strongest results among European banks. Pre-provision income increased to €1.148 billion (+9.6%), while adjusted net profit reached €776 million, up 9.2% year-on-year. Reported net profit totalled €738 million, an increase of 6.8%. Earnings per share (EPS) reached €0.20, while the return on tangible book value (RoTBV) stood at 16.6%.
Cyprus Remains One of Eurobank’s Key Markets
As of 30 June 2026, the group’s total assets reached €112.9 billion. Of this amount:
- €66 billion was located in Greece;
- €29.3 billion in Cyprus;
- €14.6 billion in Bulgaria.
The loan portfolio expanded organically by €2.7 billion during the first six months of the year. Total loans reached €58.1 billion, including:
- €38.1 billion in Greece;
- €9.2 billion in Cyprus;
- €9.8 billion in Bulgaria.
The loan portfolio was composed of:
- corporate loans — €36.3 billion;
- mortgage loans — €13.0 billion;
- consumer loans — €5.1 billion.
Customer deposits also continued to grow. Total deposits increased by €2.9 billion during the first half of the year, reaching €86.4 billion. Of this amount:
- €48.1 billion was held in Greece;
- €24.1 billion in Cyprus;
- €11.6 billion in Bulgaria.
The loan-to-deposit ratio stood at 66%, while the Liquidity Coverage Ratio (LCR) reached 174.1%, comfortably exceeding European regulatory requirements.
Loan Quality Remains Strong
Eurobank continued to improve the quality of its loan portfolio. As of 30 June 2026, the non-performing exposure (NPE) ratio had declined to 2.5%, while NPE coverage increased to 82.4%. Loan impairment charges fell by 4.9% to €148 million. The bank also maintained a strong capital position:
- Capital Adequacy Ratio (CAD) — 20.3%;
- Common Equity Tier 1 (CET1) ratio — 15.4%.
Tangible book value per share increased by 8% to €2.57. The group also continued expanding its wealth management business. Assets under management rose by 29.2% to €11 billion, while Private Banking assets increased by 10.2% to €14.9 billion.
Bank Raises Its 2026 Outlook
Eurobank CEO Fokion Karavias stated that the economies of Greece, Cyprus and Bulgaria continue to demonstrate resilient growth despite ongoing tensions in the Middle East and broader geopolitical uncertainty. According to him, demand for corporate lending remains strong, investment activity continues at a healthy pace, and the tourism sector is supporting economic growth across all of the bank’s core markets.
During the second quarter, the group’s loan portfolio expanded by a further €1.6 billion, while assets under management increased by €2.5 billion compared with the previous year. Following the strong first-half performance, Eurobank has upgraded its outlook for 2026. The bank now expects earnings per share (EPS) growth to significantly exceed 10%, while return on tangible book value (RoTBV) is projected to reach around 17%, compared with the previous forecast of 16%.
Analysts note that Eurobank’s solid financial performance highlights the resilience of Cyprus’ banking sector, which continues to benefit from economic growth, increasing investment and strong demand for financial services from both businesses and private clients.