CYPRadar 🇨🇾💰 Fitch and UBS signal stronger growth and profitability for Cyprus-linked Greek banks
Banks operating in Cyprus, such as Eurobank and Alpha Bank Cyprus, are set to benefit from improving conditions in the Greek banking sector, according to recent assessments by Fitch Ratings and UBS. Fitch upgraded Greece’s operating environment score to 'BBB', citing stronger growth prospects, resilient profitability, and ongoing lending expansion despite structural risks.
Fitch highlighted the upgrades of major Greek banks including the National Bank of Greece and Eurobank, with positive outlooks driven by economic growth expected to exceed 2% annually through 2025. Lending growth is projected to remain robust, supported primarily by corporate lending sectors like energy and tourism, while retail lending is recovering. UBS echoed this optimism, adjusting forecasts upward and predicting increased earnings and dividends for these banks, particularly for the National Bank of Greece and Alpha Bank.
Despite these positive signals, Fitch cautioned about persistent structural challenges, such as legacy distressed assets and relatively high unemployment. Nonetheless, the strengthened credit profiles and expanding fee-generating activities, including wealth management and insurance, place Greek banks, including those linked to Cyprus, in a solid position to capitalize on improving market dynamics through 2027.
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