Eurobank recorded net profits of €103 million in Cyprus during the first quarter of 2026 through Eurobank Ltd, confirming the consistently strong contribution of its Cypriot operations to the group’s overall results. Net interest income reached €187 million, while fee and commission income amounted to €45 million, reflecting the momentum of core banking activities.
Eurobank Ltd’s operating performance remains particularly strong, with the cost‑to‑core‑income ratio at 36.9% and core pre‑provision income (core PPI) reaching €146 million. These figures demonstrate improved efficiency and the bank’s ability to generate recurring profitability.
A key factor strengthening results has been the restructuring of the operating model. A voluntary exit scheme affecting around 200 employees was completed faster than originally planned, with the bank expecting annual cost savings of approximately €14 million from the second quarter of 2026 onwards.
Asset quality remains robust. The non‑performing loan (NPL) ratio stood at 2.7%, while the coverage ratio reached a high 176%, providing significant protection against credit risk.
At balance‑sheet level, Eurobank Ltd maintains a stable and strong position. Total assets amounted to €28.7 billion, total loans to €9 billion and deposits to €23.8 billion, with the loans‑to‑deposits ratio at a particularly low 37.3%, reflecting high liquidity and a resilient deposit base. Capital adequacy also remains impressive, with the CET1 ratio at 33.9%, well above minimum supervisory requirements.
The group
At group level, Eurobank recorded adjusted net profits of €351 million for the first quarter of 2026. Net interest income reached €664 million, marking a 4% year‑on‑year increase, while fee income rose sharply by 19.9% to €203 million.
Total operating income amounted to €877.5 million, operating expenses were €330.3 million and the cost‑to‑income ratio stood at 37.6%. Organic profitability remains strong, supported by disciplined cost management and income growth.
Credit expansion continued at a positive pace, with loans increasing organically by €1.1 billion during the quarter, while deposits showed a marginal decrease of €0.2 billion on a like‑for‑like basis. Capital adequacy ratios remain high, with CET1 at 15.4% and the total capital ratio at 20.4%, while the group’s non‑performing exposure (NPE) ratio stood at 2.6% with coverage of 94.1%.
