Eurobank delivered an exceptional performance in 2024, achieving record-breaking profitability and reinforcing its position as a leading financial institution in the region. The Group reported net profits of €1.448 billion, reflecting significant growth, and announced a €674 million payout to shareholders, underlining its commitment to rewarding investors. With strong profitability, organic growth, and effective cost management, the bank strengthened its capital base, positioning itself for the next phase of its strategic expansion.
Net interest income increased by 15.3% year-on-year to €2.5 billion, driven primarily by lending, bond investments, and international operations. The net interest margin remained stable at 2.73%. Meanwhile, fee and commission income rose by 22.4% to €670 million, benefiting from robust performances in retail banking, lending, and wealth management. Total revenue grew by 15.6% to €3.2 billion, while organic revenue saw a 16.8% increase. At the same time, operating expenses rose modestly by 2.9% in Greece and 18.8% across the Group, though on a comparable basis—excluding the acquisition of BNP Bulgaria—the increase was just 3.4%. The bank maintained a cost-to-income ratio below 35%, reflecting disciplined cost control.
Eurobank's profitability continued to strengthen, with organic pre-provision earnings increasing by 15.7% to €2.1 billion and total pre-provision earnings rising by 14.1% to €2.2 billion. Provisions for bad loans fell by 7.3%, while the non-performing exposure (NPE) ratio improved to 2.9%, with a strong 88.4% coverage ratio. As a result, organic pre-tax operating profits rose by 21.1% to €1.8 billion, while adjusted net profits grew by 18.2% to €1.5 billion. Total net profits, which included the positive impact of an increased stake in Hellenic Bank, reached €1.4 billion.
A major driver of Eurobank’s strong results was its international presence, with adjusted net profits from foreign operations jumping by 51.4% to €710 million, accounting for nearly 48% of total profitability. In Bulgaria, adjusted net profits rose by 9.6% to €210 million, while Eurobank Cyprus posted a 5.1% increase to reach the same amount. Hellenic Bank contributed €280 million to the Group’s earnings. Capital adequacy remained strong, with a total capital adequacy ratio (CAD) of 18.5% and a Common Equity Tier 1 (CET1) ratio of 15.7%. Tangible book value per share rose by 11.6% to €2.31.
The bank’s total assets reached €101.2 billion, with €58.8 billion in Greece, €27.5 billion in Cyprus, and €11.5 billion in Bulgaria. Performing loans expanded organically by €3.9 billion, bringing the total loan portfolio to €52.3 billion, while customer deposits increased by €6.2 billion to €78.6 billion. Wealth management operations recorded strong growth, with assets under management in mutual funds climbing by 38% to €7.7 billion, and private banking assets and liabilities rising by 18% to €13 billion.
Looking ahead, Eurobank is executing an ambitious strategic plan for 2025-2027, targeting a sustainable return on equity of 15% per year and a 40% increase in tangible book value per share over three years. The bank’s expansion strategy will be driven by the merger of Hellenic Bank with Eurobank Cyprus, the acquisition of CNP Insurance, an increase in lending activity, and a broader focus on wealth management.
Commenting on the results, CEO Fokion Karavias highlighted Eurobank’s achievements in 2024, stating that the bank exceeded all performance targets. He noted that deposits grew by over €6 billion, and €4 billion in new loans were provided, expanding the loan portfolio by more than 10%. He also emphasized the bank’s strengthened presence in Greece, Cyprus, and Bulgaria, as well as its ability to maintain high returns on equity, with 50% of profits being returned to shareholders through dividends and share buybacks.
Fokion Karavias outlined Eurobank’s strategy for the coming years, focusing on three key areas: an annual 8% increase in lending, a greater emphasis on wealth management and private banking, and leveraging its strong position in Cyprus to drive further synergies and results. He reaffirmed that the bank’s diversified business model and operations in high-growth markets within the Eurozone ensure long-term success.
