Banks benefit from activity abroad
Some 8.6% of the profitability of Greek banking groups came in 2022 from abroad, where profits before taxes amounted to 380 million euros out of a total of €4.5 billion, which was the profitability of the entire banking system in Greece last year.
Eurobank made the most in earnings from activity abroad, with €224 million, followed by approximately €70 million for Alpha and €59 million for National Bank. The profitability of banking subsidiaries and branches abroad increased significantly according to the data included in the Financial Stability Report of the Bank of Greece.
Subsidiaries in Cyprus and Bulgaria made a large contribution, and activities in Egypt, North Macedonia (markets where National Bank operates), Romania (the main foreign market for Alpha Bank) and Luxembourg, where the group operates, had a smaller contribution for Eurobank.
Cyprus is the country where all three systemic banks – Eurobank, Alpha and National– operate and the main reason for the increase in profitability that Alpha Bank recorded in 2022 was the reversal of the loss recorded in 2021 by its subsidiary in Cyprus.
