CrediaBank has reported strong financial results for the first half of 2025, with recurring operating profit more than doubling year-on-year, driven by loan growth, higher interest income, and merger synergies.

The Athens-based bank, which recently confirmed an agreement with HSBC regarding the potential majority acquisition of HSBC Malta, said recurring pre-provision income reached a record €38.9 million, marking a 124 per cent increase from the same period in 2024.

Recurring operating income rose to €111.1 million, compared to €52.4 million a year earlier, representing growth of 112 per cent. Net recurring interest income also surged, rising by 97 per cent to €78.5 million, supported by net credit expansion of €542 million, a larger bond portfolio, and the impact of the merger between Attica Bank and Pancreta Bank that formed CrediaBank.

The bank said the performance “provides tangible proof of the Bank’s sound strategy and establishes a solid foundation for its next growth steps beyond Greece, with Malta as now a priority new market.”

Profitability and efficiency

Excluding one-off restructuring charges linked to the merger – such as a voluntary exit programme and branch closures – recurring pre-tax profit stood at €27.6 million, compared to €1.6 million in H1 2024. Cost synergies of more than €14 million were identified and realised in the first half of the post-merger year.

The bank’s net interest margin in the second quarter rose by 20 basis points to 2.2 per cent, placing it among the strongest performers in Greece. Net fee and commission income also increased substantially, reaching €17 million, up 132 per cent year-on-year, aided by wealth management, loan production, and transaction banking.

Customer assets under management grew to €810 million, up 8 per cent since the end of 2024.

New loan disbursements hit a record €1.6 billion in the first half, with roughly half directed to SMEs and households. Net credit expansion reached €542 million, giving the bank an 11 per cent share of the domestic market for new loans.

Deposits rose to €6.6 billion, an increase of 8 per cent from year-end 2024, with the loan-to-deposit ratio at 58.3 per cent.

The Non-Performing Exposures (NPE) ratio stood at 2.9 per cent, compared to 57.7 per cent in the same period of 2024, and was flat against the previous quarter. The Total Capital Adequacy Ratio reached 17.3 per cent, following the issuance of AT1 and Tier II instruments in June.

CEO’s outlook

CrediaBank CEO Eleni Vrettou described 2025 as “a pivotal year” for the institution, following its operational merger in Greece.

“For CrediaBank, 2025 is a pivotal year, a year of transformation, a year of new beginnings. Our Bank has now a clear identity, a modern structure, and a dynamic presence. We are an institution that combines financial stability with strategic vision and a human personable approach. The first half of 2025 confirms our steady upward trajectory,” she said.

“These results are not only evidence of healthy growth but also proof that our strategy addresses market needs while justifying the trust placed in us by our shareholders, clients, and partners. With the operational merger in Greece now complete, we are laying the groundwork for the full implementation of our business plan, driving significant upgrades to the customer experience across all channels and activities.”