Eurobank Declares Dividend after 16 Years

At Eurobank’s regular general assembly on Tuesday morning, CEO Fokion Karavias reviewed the bank’s performance over the past decade and outlined the management’s future vision. He proposed a dividend distribution of 0.0933 euros per share, equating to 30% of the net profits for fiscal year 2023.

Karavias highlighted that, although dividend distribution should be routine, the long absence of such payments underscores the profound impact of the Greek crisis and the challenges faced by the banking system.

The recent approval for dividend payments by supervisory authorities marks a return to normalcy and signals renewed confidence in the country’s banking sector and overall economic outlook.

Looking ahead, the CEO outlined plans to position Eurobank as a leading regional banking group, emphasizing investment financing and expansion in asset management. He noted the bank’s strong presence in its international markets, Bulgaria and Cyprus, and mentioned that a public offer to acquire 100% of Hellenic Bank is underway in Cyprus.

On the Greek economy, Karavias stressed the need for increased investment as a national priority, recognizing the challenge but asserting that this should be the guiding focus for the future. To match the eurozone average for investment levels, Greece must achieve an average annual growth rate of 6.7% until 2033.

Eurobank Chairman George Zanias also highlighted the significant progress in both the Greek economy and banking sector. However, he pointed out that Greece still has a high consumption-to-GDP ratio, with investments at a low level and imports remaining high.