CrediaBank announced its key financial figures for the third quarter and the first nine months of the year:
- Recurring pre-provision profits rose 56% year on year to €87.3m in the first nine months of 2026, reaching a new high, driven mainly by strong growth in core revenues. Recurring net profit after tax rose 56% year on year to €49.5m, also a new record, while in the third quarter of 2026 it came to €18.2m (+78% year on year, -0.2% quarter on quarter).
- Return on tangible equity based on recurring profit rose to 7.4% in the first nine months of 2026, from 5.3% in the same period of 2025.
- New loan disbursements reached a new high of €1.46bn in the third quarter (+78% year on year), taking the nine-month total to a record €3.5bn (+44% year on year) in 2026. Net credit expansion remained strong in the third quarter, despite seasonal factors, reaching €701m (+129% year on year). It totalled €1.5bn in the first nine months of 2026 (+82% year on year), exceeding the full-year target of €1.3bn. The average loan size in business lending was €2.8m in the third quarter.
- Loans and advances before provisions, excluding securitisation bonds, rose strongly by 45% year on year (five times the rate of growth in the banking system) and by 13% compared with the second quarter of 2026, reaching €6.0bn. The Group’s assets increased 32% year on year to €10.8bn.
- Net interest income rose 32% year on year to €158.1m, and reached €59.9m in the third quarter (+43% year on year, +16% quarter on quarter). The net interest margin widened to 2.35% in the third quarter, up 8 basis points from the second quarter and 23 basis points year on year.
- Net fee and commission income rose strongly by 34% year on year to €35.1m, and reached €12.4m in the third quarter (+33% year on year, +5% quarter on quarter). Net fee and commission income accounted for 17.2% of recurring revenues in the first nine months of 2026, a significant increase of 117 basis points year on year. Total customer assets under management reached €883m (+5% year on year), while mutual fund assets rose 15%.
- The Group’s core¹ revenues rose 32% year on year to €193.2m, and reached €72.2m in the third quarter of 2026 (+41% year on year, +14% quarter on quarter). The Group’s recurring operating income rose 25% year on year to €204.0m in the first nine months and reached €73.7m in the third quarter (+38% year on year, +7% quarter on quarter).
- There was a significant improvement in efficiency, with the cost-to-recurring-income ratio falling by 861 basis points year on year to 57.2%. Its trajectory is in line with expectations and the business plan’s aim of further improving the Bank’s efficiency. The cost-to-recurring-income ratio also improved by 308 basis points from the second quarter of 2026, despite inflationary pressures and higher operating costs related to the integration and management of the acquisition of the subsidiary in Malta, which is subject to regulatory approval.
- Group deposits rose strongly by 32% year on year to €8.8bn, growing at three times the rate of deposits in the banking system (+9%). The Group maintained a strong liquidity profile, with a loan-to-deposit ratio (LDR) of 69% and a liquidity coverage ratio (LCR) of 139%.
- The Group’s NPE ratio was unchanged from the second quarter of 2026 at a record low of 2.4%, despite strong loan growth in recent years. The NPE coverage ratio stood at a satisfactory 55.3%.
- The CET1 ratio, pro forma for the acquisition of Europa Holdings, stood at 15.5%, 648 basis points above the minimum requirement (8.99%) and at the same level as in the second quarter, despite strong credit expansion. The total capital ratio (TCR) stood at 20.1%, 634 basis points above the minimum requirement (13.80%). Both ratios are above the sector average.
¹ Core revenues = Net interest income + Net fee and commission income
Chief executive’s statement
“The results for the first nine months of 2026 are the best in CrediaBank’s history and reflect the progress we have made both in our banking business and in implementing our business plan. We have already exceeded key targets set for the full year, while advancing our strategic initiatives consistently and within the timetables we have announced,” said Eleni Vrettou.
“New loan disbursements reached €3.5bn, up 44% year on year. Net credit expansion exceeded €1.5bn, surpassing the full-year target of €1.3bn, while lending grew by 45%, five times the rate of growth in the banking system.
Behind these figures are healthy businesses of every size, making investments, expanding production and creating jobs, as well as individuals realising their dreams, chiefly of a new home. This is our contribution to the real economy.
Growth in lending has been accompanied by a corresponding improvement in our financial results. Net interest income rose 32% to €158m and net fee and commission income increased 34% to €35m. Recurring pre-provision profits topped €87m, up 56% year on year and reaching a record high. Recurring profit after tax came to €50m, also up 56%, while net profit reached €37m.
It is particularly significant that improved profitability has gone hand in hand with greater operating efficiency. The cost-to-recurring-income ratio fell to 57%, despite inflationary pressures and the additional costs associated with the Bank’s transformation. We continue to invest in technology and modernising our branch network, while also managing our operating costs more effectively.
Our customers’ trust is also reflected in deposits, which reached €8.8bn, up 32% year on year and growing significantly faster than in the banking system. Despite rapid credit expansion, the non-performing exposure ratio remains at 2.4%, while we maintain high liquidity. The growth of our business is therefore underpinned by a healthy balance sheet, which enables us to finance more customers without compromising our risk management criteria.
Trust is also earned internationally. CrediaBank received its first credit rating from Fitch Ratings, which assigned it a long-term credit rating of BB with a positive outlook and a BB+ rating for long-term deposits, just one notch below investment grade.
This progress is gradually being reflected in our returns on capital. Return on tangible equity (RoTBV) reached 7.4% in the first nine months, up from low single-digit levels 18 months ago. Pro forma, including the acquisition in Malta, the ratio stands at 10.4%, less than two years after the Bank’s restructuring and relaunch. Meanwhile, our capital adequacy ratios remain at the upper end of the domestic banking sector.
Our organic growth, combined with targeted acquisitions that build scale and create shareholder value, lays the groundwork for further improvement in our returns in the coming years, as our performance each quarter already shows. Our new activities, through both acquisitions and organic growth, are expected to help us achieve a high double-digit return in the medium term, with revenues expected to exceed €260m.
Beyond our financial performance, in the third quarter of 2026 we completed an agreement to acquire 70% of Pantelakis Securities, broadening the investment services we can offer. With the completion of the merger with Europa Holdings at the end of October, we added another significant business to the CrediaBank Group, expanding our activities in the insurance sector and gaining additional expertise and new sources of revenue.
These moves are part of the same plan. We want to meet more of our customers’ needs by drawing on our people’s experience and the capabilities of the Group’s companies. At the same time, we are diversifying our revenue sources and gradually reducing our dependence on interest rate movements. Most importantly, we are delivering on our commitments, on schedule and with consistency and focus on our goals.
The next major step is the acquisition of HSBC Malta, which will fundamentally change CrediaBank’s scale and geographical footprint. The nine-month results confirm the value of this decision.
HSBC Malta reported adjusted profit before tax of €80m, while maintaining high liquidity and strong capital adequacy. Retail and business deposits rose by a total of €261m year on year, assets under management in wealth management grew by 8%, and new mortgage and personal lending recorded double-digit growth.
The significance of the transaction, however, goes beyond adding a profitable bank to our Group. Once it is completed, subject to the necessary regulatory approvals, our assets are expected to exceed €18bn and CrediaBank will become a systemic bank, providing a strong foundation for consistency, security and quality in the management of our balance sheet.
Our presence in two markets creates new opportunities, but also brings greater responsibilities. Our priority is a smooth transition for customers and employees, and making the most of our new subsidiary’s expertise and capabilities.
The next challenge is to build on what we have created and turn our investments and synergies into better services and sustainable profitability. Integrating our new businesses, fostering collaboration between our teams and continuously improving customer service are our key priorities.
We have the plan, the capital and the people to deliver it. With the support of our shareholders and the tireless efforts of our employees, we are continuing to build a bank that can meet more of its customers’ needs while preserving the personal relationships and flexibility that define it. That is what we aim to achieve in CrediaBank’s next phase.”.