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Large Greek Banks: Solid F2025 Results Provide Buffers Against Heightened External Risks in 2026

Greek banks Alpha, Eurobank, National Bank of Greece, and Piraeus posted a combined net profit of €4.5 bn in fiscal 2025, a 5% year‑on‑year increase driven by higher fee income and one‑off gains despite net interest income compression. Return on equity stayed healthy at 12%, while capital ratios rose following recent acquisitions. Asset quality metrics improved, with lower cost of risk, though external geopolitical and macroeconomic pressures could strain risk indicators in 2026. Funding and liquidity remain robust, but capital buffers are expected to modestly decline next year.