Eurobank’s third-quarter 2024 results mark a milestone as the bank fully integrates Hellenic Bank for the first time, following its recent majority acquisition, announced CEO Fokion Karavias.

“This quarter’s results are a landmark for Eurobank, as we complete the full consolidation of Hellenic Bank after our majority acquisition,” Karavias stated.

With this integration, Eurobank’s balance sheet nears €100 billion, with €50 billion in loans and €75 billion in deposits, and a balanced distribution across three core markets: Greece (60% of assets), Cyprus (27%), and Bulgaria (11%).

Karavias expressed confidence in Hellenic Bank's management under Michalis Louis, former CEO of Eurobank Cyprus, to capitalize on synergies and opportunities arising from Cyprus’s economic growth.

In Greece, the macroeconomic environment remains favorable, with GDP growth projected at a strong 2.4% for 2024 and 2025. “Eurobank has aligned its strategy to support growth, focusing on investment-led initiatives, and was the first bank to apply for the seventh loan tranche from the Recovery and Resilience Facility,” Karavias noted.

Regarding loan portfolio growth, he highlighted an organic increase of over €2 billion and anticipated acceleration in demand for business loans.

During Q3, Eurobank’s performance exceeded expectations, with Karavias noting that return on equity is expected to reach approximately 17.5% for the full year.

“Eurobank is pursuing sustainable growth, leveraging strategic decisions to deliver strong financial results that reward shareholders while contributing to the economy and society at large,” Karavias concluded.

Eurobank reported adjusted net profit of €1.145 billion for the nine-month period, including €498 million from international operations. Total net profit reached €1.135 billion, with earnings per share of €0.31. Tangible equity return stood at 19.2%, with tangible book value per share at €2.27. The bank recorded organic increases of €2.1 billion in performing loans and €2.3 billion in deposits.

Customer funds under management in Greece grew by 34.7% year-over-year. The bank’s capital adequacy ratio (CAD) reached 20.9%, with a CET1 ratio of 17.8%. Non-performing exposures (NPEs) were at 2.9%, with an NPE coverage ratio of 89.9%.