Greek banks have emerged as champions in Europe across a range
Greek banks have emerged as champions in Europe across a range of crucial financial indicators, based on results for key figures of systemically important groups in the Eurozone for 2024, published by the European Central Bank (ECB) on Thursday, March 21.
The ECB’s report highlights several key takeaways:
Profitability: The four systemic Greek banking groups achieved combined net profits of approximately 4.3 billion euros last year, primarily driven by their organic results. This allowed them to maintain a double-digit return on equity, surpassing 17% for most groups, compared to the European average of 9.54%.
Costs: In addition to boosting their revenues, Greek banks successfully kept various costs under control, helping improve their results. The cost-to-income ratio for the four systemic groups ranged from 30% to 39%, well below the Eurozone average of 55%.
Credit Risk: Greek banks have seen significant progress in reducing delinquency rates. After a large-scale reduction in non-performing loans and an increase in the portfolio of performing loans, the late-payment ratios now hover close to the European average.
At the end of 2024, these ratios ranged from 2.6% to 3.8%, compared to the average of 2.28% among Europe’s largest banks. This convergence has played a key
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