Greece’s four systemic banks are showing notable differences in their revenue composition and performance in the first quarter of 2025, highlighting diverging business models and strategic priorities amid changing interest rate dynamics. The variations in net interest income and fee-based revenues offer insight into how each institution is navigating both domestic and international pressures.
Eurobank is currently setting the pace, delivering the strongest performance among its peers. Its net interest income rose to €638 million, an increase of 11.7% compared to the same period last year. This growth was fueled by the organic expansion of its loan portfolio and solid contributions from international operations, despite a tightening net interest margin. In addition, Eurobank posted the highest fee and commission income, reaching €169 million—up 24.8% year-on-year. Much of this increase is attributed to its extensive branch network and wealth management services, underscoring the bank’s diversified and internationally oriented revenue structure.
In contrast, National Bank of Greece (NBG) reported net interest income of €524 million, a 9% decrease from the previous year, mainly due to falling interest rates. Nevertheless, the bank partially offset the decline through targeted credit growth and effective deposit management. Fee income rose by 13% to €102 million, driven by stronger activity in retail and corporate banking, as well as growing demand for investment products. NBG’s revenue model appears more balanced and resilient, offering a degree of flexibility in response to the evolving interest rate environment.
Piraeus Bank recorded €481 million in net interest income, down 7% year-on-year, a result of the ongoing decline in Euribor rates. However, the bank achieved a 10% increase in fee income, which reached €160 million. Its strategic focus is clearly shifting toward operational efficiency and the expansion of non-interest revenue, with particular emphasis on bancassurance and asset management. As a result, fees now represent roughly 25% of the bank’s total revenues—an indication of growing diversification.
Alpha Bank, meanwhile, reported the lowest net interest income among the four, totaling €395 million, which reflects a 6.2% annual decline. On the other hand, it managed to boost fee income by 11%, reaching €107.5 million. The bank’s strategy remains centered on driving organic profitability and streamlining operational costs, primarily through credit growth. However, Alpha still relies more heavily on interest income than its peers, suggesting a lower level of revenue diversification and greater sensitivity to interest rate movements.
