CrediaBank reported its first-quarter financial results:
• Recurring pre-provision profits reached a new all-time high of €24.1 million in the first quarter of 2026, up 26% year-over-year. Recurring net profit after tax increased by 17% year-over-year to €13.0 million in the first quarter of 2026, driven by strong growth in core revenues.
• The Bank recorded new disbursements of €964 million in the first quarter (+43% year-over-year), resulting in net credit expansion of €459 million compared to €233 million in the first quarter of 2025, marking a 97% increase year-over-year.
• Loans before provisions and excluding securitization bonds increased by 40% year-over-year (>5x higher growth rate than the banking system) and by 10% compared to the fourth quarter of 2025, reaching €4.9 billion. The group’s assets increased by 19% year-over-year, reaching €8.5 billion.
• Net interest income posted an impressive 28% year-over-year increase, reaching €46.8 million, driven by strong credit expansion. The net interest margin, adjusted for the Galene portfolio (a portfolio of performing residential loans totaling €89 million which was acquired in Q4 2025) widened by 21 bps year-over-year to 2.20% in Q1 2026, while also recording a marginal increase compared to Q4 2025.
• Net commission income amounted to €11.0 million, marking a 55% increase year-over-year and a 0.3% increase compared to the fourth quarter of 2025, despite the seasonality of the quarter, driven by strong loan disbursements, asset management, and bancassurance products. Net fee and commission income accounted for 17.9% of recurring revenue in the first quarter of 2026, recording an impressive increase of 504 basis points year-on-year. Total client assets under management reached €803 million, marking a marginal increase of 0.4% compared to the first quarter of 2025, while mutual funds increased by 14%.
• The Group’s core revenue increased by 32% year-over-year to €57.7 million, resulting in the Group’s recurring operating revenue rising by 12% year-over-year to €61.2 million compared to €54.9 million in the corresponding prior-year period.
• Significant improvement in profitability, with a 448-basis-point decrease in the cost-to-recurring-revenue ratio year-over-year. Specifically, the ratio fell to 60.7% from 65.2% in the first quarter of 2025, and its trajectory is in line with expectations and the business plan for further improvement in the Bank’s efficiency. Furthermore, the cost-to-recurring-revenue ratio improved by 251 basis points compared to the fourth quarter of 2025, due to a 4% decrease in recurring operating expenses on a quarterly basis.
• The Group’s deposits exceeded €6.8 billion, representing a 14% increase year-over-year, with the growth rate significantly outpacing that of the banking system’s deposits (+5.4% for private sector deposits). Resilient liquidity profile with a loan-to-deposit ratio (LDR) of 72% and a liquidity coverage ratio (LCR) of 122%.
• The Group’s NPL ratio declined by 37 basis points compared to the fourth quarter of 2025 and stood at 2.5% in the first quarter of 2026, marking a historic low, due to the decrease in NPLs in absolute terms and despite the strong growth in loans. The NPL coverage ratio increased to 54.7% in Q1 compared to 48.2% in Q4 2025.
The CET1 ratio, on a pro forma basis for the €300 million share capital increase completed on April 7, 2026, including earnings for the period, stood at 16.6%, an increase of 558 basis points compared to the fourth quarter of 2025 and 760 basis points higher than the minimum required threshold (8.99%). The Total Capital Ratio (TCR) stood at 22.4%, up 496 basis points from the previous quarter and 861 basis points higher than the minimum required threshold (13.81%). Both ratios are at levels higher than the industry average.
Eleni Vrettou: Record net credit expansion
2026 is shaping up to be a year of heightened challenges for the international and domestic financial system, as the macroeconomic environment continues to be characterized by geopolitical uncertainties, market volatility, pressure on borrowing costs, and rapid technological advancements.
Within this complex context, at CrediaBank we are not only maintaining our steady upward trajectory but further strengthening our position, solidifying the trust of our customers, shareholders, and society. With a strategic commitment to sustainable growth, our recent capital strengthening, and ongoing digital transformation, we are consistently moving forward into the next phase of expansion and toward our strategic goals, creating an even more resilient, flexible, and modern banking organization capable of effectively responding to the demands of the new era.
The first-quarter financial results confirm this effort: The Bank recorded its best performance in years, achieving a record net credit expansion of €459 million, further increasing its penetration into the healthy segment of the Greek economy and growing its loan portfolio by 40%. We improved all of the Bank’s operating indicators, achieving a new all-time high in recurring operating profit of €24.1 million, a 26% year-over-year increase , and final recurring profit of €13.0 million, compared to €11.2 million in the corresponding quarter of 2025.
At the same time, asset quality improved significantly compared to the fourth quarter of 2025, with NPEs falling to €150 million from €160 million in the previous quarter. Consequently, due to the reduction in NPEs and strong credit expansion, the NPL ratio hit a new all-time low of 2.5% (from 2.9% in Q4). Net fee and commission income stood at €11.0 million, marking a 55% increase year-over-year, driven by strong loan disbursements, asset management, and bancassurance products.
Undoubtedly, a pivotal point in the Bank’s growth trajectory was the highly successful €300 million Share Capital Increase in April. With nearly four times oversubscription, with bids exceeding €1.1 billion from prestigious institutional investors both in Greece and abroad, as well as more than 7,000 private investors, this transaction confirms the market’s recognition of our track record to date and its confidence in our strategy.
The significant strengthening of our capital position through the recent rights offering enables us to accelerate our growth trajectory both in Greece and abroad and to shield ourselves against any potential challenges arising from the current uncertainty.
At the same time, as we have committed to, we are growing faster than the market, providing careful financing to the healthy sector of the economy, moving forward with projects such as digital transformation, and implementing our plan to create additional value through acquisitions and mergers.
In early May, we proceeded with the signing of the agreement to acquire 70% of Pantelakis Securities S.A., one of the largest and most historic brokerage firms in Greece, as part of our strategy to expand and upgrade the products and services we offer to our clients. The transaction, which will be completed upon receipt of all necessary regulatory approvals, is expected to boost commission income, further diversifying CrediaBank’s revenue streams.
At the same time, we have begun implementing projects that were launched in 2025:
■ Our network is being modernized, and we now have New Experience branches in Attica, Crete, Thessaloniki, Patras, Kalamata, and Tripoli, with our goal being to have 40% of the network renovated by the end of 2026.
■ Through our strategic partnership with Euronet, we now operate the largest ATM network nationwide, with more than 2,500 locations even in the most remote regions of the country, with zero fees for our customers. At the same time, Euronet, with its international expertise and technological infrastructure, will provide us with the full range of services for the secure management and processing of transactions, the issuance of debit, credit, and prepaid cards, electronic payments, and e-wallet services, thereby helping to enhance the quality and security of our services.
■ The integration of HSBC Malta, which will mark our entry into the Maltese market and double our scale, is underway in terms of obtaining the necessary regulatory approvals as well as our own internal organization, with the aim of establishing a new bank in Malta, without this detracting from our efforts to strengthen our position in Greece.
Looking ahead, we are ready with a strategic plan for sustainable growth and profitability, based on four pillars:
1. Further Expansion of Market Share in Greece
We are increasing our market share by supporting every viable business plan and every financially sound individual and professional. We have already increased lending to €4.9 billion (a 40% increase year-over-year), with an annual growth rate five times that of the banking system’s lending growth. We support small and medium-sized enterprises, with such disbursements accounting for 35% of the total. At the same time, the Group’s deposits exceeded €6.8 billion, marking a 14% increase on an annual basis, with the growth rate also being much higher (2.5x) than the growth rate of deposits in the banking system.
2. Accelerating momentum in Malta
Preparations for the integration of HSBC Malta are already underway at a feverish pace. The regulatory filing process has been completed, while discussions with the supervisory authorities are at an advanced stage. At the same time, work is underway to shape the product portfolio, with the introduction of new retail products and the leveraging of our expertise in corporate banking.
At the same time, we are implementing the redesign of the technological infrastructure necessary for the Bank’s operations in the future. Our goal is to create a strong regional banking group—the 5th largest bank in Greece and the 2nd largest in Malta.
3. Digital transformation and leveraging synergies
A digital transformation program is already underway, through a three-year investment plan worth €60 million, which aims to improve the customer experience and create additional functionalities that will streamline our costs.
The plan also aims to fully modernize both our digital customer touchpoints and the bank’s internal operations. Our new e-banking and mobile banking platforms are being redesigned alongside our website so that they will be available to our customers in the fourth quarter of the year.
4. Creating value through targeted partnerships and acquisitions
We have signed the share transfer agreement and are proceeding with the acquisition of 70% of Pantelakis Securities S.A.P.E.Y. is proceeding so that, on the one hand, CrediaBank can expand the services it offers and, on the other hand, the brokerage firm itself can become more outward-looking, gaining access to the Bank’s client base.
At the same time, we are exploring potential acquisitions or strategic partnerships in other product sectors, such as bancassurance and wealth management, in order to further strengthen commission income, which already saw a 55% increase in the first quarter of 2026.
And because success is driven by people, we continuously invest in the development and training of our team, which is the driving force behind everything we do. In this new phase of outward expansion, we are consistently advancing our business plan, acting responsibly toward the Supervisory Authorities, the shareholders who trust us, our people and our customers, and with the commitment that we will never stop evolving.
*CrediaBank’s detailed quarterly results are published in the right-hand column under “Related Materials.”