Net interest income

Cypriot banks are maintaining a low profile, but 2024 will likely bring higher profits than the record-breaking figures of 2023.

National Bank, Greece's second-largest lender by market value, on Tuesday reported higher net earnings in the first nine months of 2023 compared with the same period a year ago as net interest income rose.

NBG, 40% owned by the country's HFSF bank rescue fund, said net earnings reached 791 million euros from €680 million in the first nine months of 2022.

Alpha Bank and Piraeus Bank on Friday reported a jump in profits for the first nine months of 2023, as higher rates boosted net interest income and bad loans declined.

Alpha Bank, Greece's fourth-largest lender by market value, reported net earnings of 491 million euros, up 59% from the first nine months of 2022.

Greek banks' profile is solid, their capital base and the quality of their assets improved, while their revenue growth is up significantly, DBRS Morningstar said in a report on the country's four systemic banks (Alpha, Eurobank, National and Piraeus).