Banks see revenue from interest soar

Greece's four systemic banks recorded an increase in interest income between 50% and 75% in the first quarter of the year, benefiting from the rise in interest rates on their loan portfolios and the containment of interest rates on deposits.

Total interest income reached 1.9 billion euros, up from €1.2 billion (up 58%) in the same quarter of 2022, and was the main source of the boost to profitability, which stood at €788.4 million.

Based on the results of the first quarter of 2023, the net profits after taxes of the four systemic banks are reduced by 38.2% compared to those of the first quarter of 2022.

However, on an adjusted basis - i.e. without the cost of the securitizations that was in progress in the previous year and excluding extraordinary results from discontinued operations - profits are up an average of 7%.

This trend sets the stage for...