Eurobank reports major hike in 9-month 2022 net profits; NBG also in the black, less profitable than 2021 period

Another two of the four systemic lenders in Greece, Eurobank and National Bank of Greece (NBG), the first and second in terms of market value, respectively, on Thursday reported profits for the first nine months of 2022.

Eurobank reported higher net profit in the Jan-Sep 2022 period, compared to the corresponding period of 2021, with profits generated by stronger net interest, and income from fees and commissions.

Net earnings reached 1.10 billion euros, significantly up compared to 216 million euros in the first nine months of 2021.

“Amid a backdrop of economic and geopolitical uncertainty, the Greek economy remains a positive outlier, with a growth rate estimate now at 6 percent for this year,” Eurobank CEO Fokion Karavias said, in a released statement.

Conversely, NBG reported lower net earnings in the same period, compared to the first nine months of 2021. The slide was blamed on lower trading income.

NBG reported net earnings from continued operations of 652 million euros, down from 732 million euros over the corresponding period of 2021.

In a statement, NBG CEO Pavlos Mylonas said tourism continued to boost economic growth, with travel remittances reaching record levels. He also cited private sector profitability as a buffer against inflationary pressure.