Cyprus now generates more than 20 per cent of the combined profits of Greek banking groups Eurobank and Alpha Bank, according to official figures for the first nine months of 2026, with Eurobank alone earning 29.4 per cent of its adjusted profit on the island.
Eurobank has built the largest financial institution in Cyprus, while Alpha Bank is expanding through acquisitions, including AstroBank, drawing on high returns and the strength of the Cypriot economy.
Eurobank
Adjusted net profit from Cyprus reached 356 million euros, out of a group total of 1.21 billion euros. Assets in Cyprus stood at 29.4 billion euros, or 25.7 per cent of the group’s 114.2 billion euros and well above the 14.8 billion euros in Bulgaria.
Customer deposits in Cyprus rose to 24.3 billion euros, 27.9 per cent of the group total, and gross loans stood at 9.3 billion euros. The figures follow the legal merger of Eurobank Cyprus and Hellenic Bank under the Eurobank Limited brand.
Eurobank CEO Fokion Karavias said in a statement with the results that Greece and Cyprus stood out in Europe because of their strong primary surpluses and the rapid reduction of their public debt.
Alpha Bank
Net profit from Alpha Bank’s international activities, dominated by Cyprus, reached 79 million euros, up 13 per cent year on year, with the final reported figure at 57 million euros.
Under the group’s new business plan, presented by CEO Vassilis Psaltis at its Investor Day in Athens, Cyprus is its second most important market and one of its fastest-growing sources of income. The strategy focuses on rapid growth in lending, lower operating costs through synergies and a significant increase in assets under management, using AstroBank’s scale.
Alpha Bank aims to grow its loans in Cyprus by about 13 per cent a year until 2030, against estimated market growth of 4 to 5 per cent a year. Before buying AstroBank, it was securing about 11 per cent of new lending in the market, almost double its share of the existing loan portfolio.
International activities, with Cyprus as their main pillar, are expected to contribute about 18 per cent of total profits in 2030.
Bank of Cyprus
Bank of Cyprus raised its full-year profit targets after the nine-month results, which showed a non-performing loan ratio of 1.0 per cent and a CET1 capital ratio of 20.6 per cent.
It provided 2.4 billion euros in new loans to households and businesses during the nine months, and its performing loan book grew 9 per cent year on year to 11.6 billion euros. It also absorbed the CDB Bank portfolio.
How the banks compare
Eurobank Limited, having incorporated Hellenic Bank, has slightly overtaken Bank of Cyprus in total deposits, with 24.3 billion euros against 23.5 billion euros. Bank of Cyprus retains a traditional, stable deposit base from Cypriot households.
Eurobank Limited has the lowest loan-to-deposit ratio, at about 38 per cent, leaving it about 15 billion euros in free funds for large projects or placements at the European Central Bank.
Alpha Bank is smaller by balance sheet than the other two, but its income from interest and fees, through AstroBank, rose by 64 to 65 per cent.
