Greek lender Eurobank posts 9.4% rise in first-quarter profit (updated)

Eurobank SA

08/05/2025 16:39

Adds details in paragraphs 3-5, context in paragraphs 6-7, outlook in paragraph 8, CEO quote in paragraph 9

May 8 (Reuters) - Greek lender Eurobank EURBr.AT reported a 9.4% increase in first-quarter profit on Thursday, driven by higher net fee and commission income.

The bank's reported net earnings for the January-March period were 314 million euros ($354.66 million), up from 287 million euros in the same period last year.

Eurobank's net fees jumped 24.8% year-on-year to 169 million euros, mainly boosted by network activities and its wealth management business.

Net interest income, which reflects the gap between lending and deposit rates, also rose 11.7% on the year in the first quarter, reaching 638 million euros, compared to 571 million euros in the same period of 2024.

Non-performing exposure ratio was reduced to 2.9% of its total loan book from 3.0% in the first quarter of 2024, the bank added.

Greek banks are steadying and returning to profit after they were nationalized following a financial meltdown in late 2009 due to the country's debt crisis, and needed several capital injections from the government.

Last year, the European Central Bank approved the request of Greece's four largest lenders to resume dividend payments after 16 years, a further sign of the sector's recovery and the country's economic rebound.

The lender also reiterated its target for a return on tangible book value of around 15% for 2025.

"Interest rates should be on average lower than our business plan assumptions, but loan growth is expected to meet or even exceed the full year target," Chief Executive Fokion Karavias said in a statement.

($1 = 0.8853 euros)

 (Reporting by Antonis Pothitos
Editing by David Goodman and David Evans)

 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))