Greece’s Rebound, Cutting Bad Loans Give Eurobank 400% Profit Jump

ATHENS – Greece’s recovering economy and sale of non-performing loans to investors collecting debts aggressively has led to a quadrupling of profits at Eurobank, one of the country’s four major financial institutions.

Eurobank, Greece’s largest lender by market value, reported that its profits skyrocketed in 2022 due to higher net interest income and lower provisions for bad loans that increased during the country’s austerity and economic crisis.

The bank, which is owned 1.4% by the country’s Hellenic Financial Stability Fund (HFSF) bank rescue fund, reported a net profit of €1.33 billion ($1.38 billion), an increase from €328 million ($347.35 million), according to Reuters.

With the lifting of health measures as the COVID-19 pandemic wanes, Greece’s economy grew by 5.9% in 2022 as the New Democracy government sought to attract tourists and foreign investors. Eurobank’s net interest income grew by 17.4% year-on-year in 2022 to €1.55 billion ($1.64 billion), driven by higher rates, lending, and its international business.

Eurobank also announced that it will begin paying a dividend out of its earnings in 2024, for the first time since the debt crisis that began in 2010 and required €326 billion ($345.34 billion) in three international financial rescue packages. “The amount earmarked for dividend distribution (in 2023) will be used in an optimal way to bid for the 1.4% HFSF stake through a share buyback scheme,” said Eurobank’s Chief Executive Fokion Karavias. The HFSF fund spent about €40 billion ($42.37 billion) to recapitalize Greece’s four largest lenders during the financial crisis, receiving shares in exchange.

Eurobank’s ratio of bad loans decreased to 5.2% at the end of December, down from 6.8% at the end of 2021, with the stock of non-performing loans decreasing to 2.3 billion euros ($2.44 billion) from 2.8 billion euros ($2.97 billion) at the end of 2021.


Terrified tourists who had to walk along beaches to flee wildfires on the popular island of Rhodes in the summer of 2023 can go back there for vacations now, partly paid by the New Democracy government eager to keep foreign arrivals coming this year.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Scientists Are Grasping at Straws While Trying to Protect Infant Corals from Hungry Fish

FORT LAUDERDALE, Fla. (AP) — South Florida researchers trying to prevent predatory fish from devouring laboratory-grown coral are grasping at biodegradable straws in an effort to restore what some call the rainforest of the sea.

NEW YORK – Greek-American author Maria Smilios has been honored with a Christopher Award for her book, The Black Angels: The Untold Story of the Nurses Who Helped Cure Tuberculosis (G.

TUCSON, Ariz.  — Former President Donald Trump urged Arizona lawmakers on Friday to swiftly “remedy” the state Supreme Court ruling allowing prosecutors to enforce a near—total abortion ban that he declared anew “went too far.

ROME  — Italian fashion designer Roberto Cavalli, known for a flamboyant and glamorous style, has died at age 83, his company said Friday on Instagram.

JAMAICA HILLS, NY – Police have arrested the suspect in the brazen attack and robbery of a 68-year-old parishioner outside St.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.