High profits, strong returns, significant credit expansion, and ultimately the differentiated strategies of each bank were discussed yesterday (1/12) in London between the management teams of Greek banks and analysts, during the Greek Day co-organized by Morgan Stanley and the Athens Stock Exchange. Among other things, it was confirmed that banks are expected to achieve credit expansion exceeding €13 billion in 2025.

The CEOs of the four banking groups — Pavlos Mylonas, Fokion Karavias, Vassilis Psaltis and Christos Megalou — along with senior executives, participated in panels and held roughly 120 meetings with analysts and fund managers.

National Bank of Greece

NBG referred to its revised credit target for 2025, now estimated at €2.5 billion due to the exceptionally strong third quarter experienced across the sector, as well as the disbursement of funds for the Egnatia motorway project. The bank maintains a strong capital buffer, which it intends to utilize. Its dividend policy remains generous, with at least a 60% payout this year.
NBG continues its policy of high provisioning for NPE coverage (101% coverage) and also to protect its portfolio of new loans, which are mainly corporate with emphasis on construction, energy, hospitality, and an increase in mortgage lending. Given its estimate that Greece’s economic growth will continue into 2026, the bank expects corresponding expansion in its corporate loan book. The bank is expected to launch a new voluntary exit scheme in early 2026.

Eurobank

Speaking in London, Mr. Karavias highlighted the bank’s expanding business presence through strategic initiatives and by leveraging positive trends across its core markets. The global economy is adapting to a period of heightened geopolitical instability. In this environment, Greece, Cyprus, and Bulgaria continue to achieve growth rates above the European average — a factor that supports Eurobank’s strong revenues.
The bank’s organic loan growth reached €3.3 billion in the first nine months of 2025. Return on tangible book value (RoTBV) for 2025 is expected to exceed the initial target and approach 16%, supported by higher net interest income and fees. Bulgaria, which is entering the eurozone, is a key market, where the bank has recorded €900 million in credit expansion.

Alpha Bank

Alpha Bank and CEO Vassilis Psaltis aim for strong and sustainable profitability, targeting approximately 10% growth in earnings per share over the coming years. “This will be achieved through balance sheet expansion, increased fee income, and deeper utilization of our partnership with UniCredit,” said Psaltis.
He emphasized that achieving profitability levels similar to peers with higher valuations would help the bank converge in terms of market capitalization. Psaltis outlined the three core pillars of Alpha Bank’s capital management strategy at the Investment Conference 2025:

The three pillars of Alpha Bank’s capital strategy:
• Organic growth and investments that boost future profitability
• Regular capital allocation through distributions to shareholders
• Deployment of excess capital for strategic moves and acquisitions

Piraeus Bank

Piraeus Bank and CEO Christos Megalou naturally focused on National Insurance and the value it is expected to generate for the bank, with profits projected to exceed €100 million by 2028. Megalou highlighted the bank’s operational efficiency, which remained at very high levels, reflecting disciplined cost management despite continued investments in technology, human capital, and business development.
Management also pointed to the very positive trajectory of loan expansion. Lending activity remains diversified, with growth in the corporate sector, SMEs, and the energy-transition sector. The bank expects net credit expansion of €3.5 billion by the end of the year.