Greek banks report rising commission revenues and controlled operating costs

Greek systemic banks are experiencing a shift in their financial profiles, characterized by rising investment in technology and personnel alongside significant growth in commission-based revenues. Analysts expect the four major banks to continue increasing absolute operating costs through 2028, though cost-to-income ratios are projected to remain low or improve as revenues outpace expenses.

Alpha Bank reported first-half operating expenses of 470 million euros, a 14% increase from the previous year, driven by personnel costs and investments. Despite this, its cost-to-income ratio for the second quarter stood at 38%. Eurobank reported first-half operating costs of 662 million euros, up 7.8% year-on-year, while operating revenues rose 9% to 1.81 billion euros, bringing its cost-to-income ratio to 36.6%.

Commission and service revenues for the four systemic banks reached approximately 1.44 billion euros in the first half of the year, representing a 25.3% increase compared to the same period in 2025. While card payments and transactions remain a major source, contributing roughly 375 million euros, approximately two-thirds of total commissions now stem from diversified activities including financing, investment products, and insurance services.