The Apostle Manthus
CrediaBank (CREDIA) gave the first quarter of 2026 results that are now beginning to raise the bar significantly around its name in the Greek banking system. The bank showed strong credit growth, higher organic profitability, improved operational performance and a stronger capital base, while continuing to drop the unperforming exposure index. For those who read bank balance sheets a little deeper than the first line of net profits, the quarter had several details of particular importance.
The first major message comes from organic profitability. Net interest revenue reached 46.8m euros, increasing 28% annually, while the net interest margin was increased to 2.2%, from 2.0% last year. This is of particular importance, because it was achieved at an interest rate deescalation period in Europe, so the bank did not rely on 'easy' winds from Euribor, but on the real expansion of its assets.
Even stronger is reading behind the numbers of allocations. The loan portfolio rose to 4.93 billion euros, recording an annual growth of 40% and only 10% in the first quarter. Net credit expansion reached EUR 0.5 billion, while new disbursements reached EUR 1 billion, indicating that CrediaBank is starting to build a serious presence in business banking.
The big boost came from business finance and especially from structured funding loans, which were launched by 180% compared to last year and reached EUR 1.31 billion. Loans to shipping increased by 85%, while funding to large enterprises and small and medium-sized enterprises also continued upward. This is particularly important because it changes the composition of the assets to higher-performance portfolios. The balance sheet now begins to work with higher productivity assets, which is shown by the percentage of net loans on the total assets that rose to 58%, from 49% a year ago.
It is equally important to withstand the cost of deposits. Despite significant deposit enhancement, the total cost of funding from depositors was only kept at 0.92%, while the cost of the forwards remained at 1.64%. This means that the bank did not have to buy liquidity by paying dearly for the market. On the contrary, the deposit base was organically strengthened to 6.8 billion euros, with an increase of 14%, when the market moved to around 5.4%. Also despite the strong pace of new lending, the bank maintained high liquidity, with LCR at 122% and loan-to-deposit ratio at 72%, levels that still leave considerable space for further development.
The second major point that stands out is to improve the quality of revenue. Net revenue from commissions amounted to 11m euros, increased by 55%, and now corresponds to 18% of the recurring revenue from 13% last year. This translates into a smaller reliance on interest rates and more balanced production of operational profitability. The largest change in numbers is in the main pre-foreseeable profitability core. Repeated pre-foreseeing profits were set at EUR 24,1 million, while the profitability generated by the key banking operations fluctuated by 160%, reaching EUR 20,6 million from EUR 7.9 million in the respective quarter last year. There the quality of organic profitability begins to change considerably.
At the same time operational efficiency continues to improve. The cost-to-income ratio declined to 60.7%, recording an improvement of around 450 basis points compared to last year. For a Greek bank which is still in the process of integration and transformation, this development greatly enhances the profile of the bank. In fact, this improvement did not result from an activity freeze but from a substantial reduction in operating costs and merger synergies. Personnel decreased by 14% to 1,204 jobs, while the shop network was limited to 66 points from 77 last year. The administration is already reporting implemented synergies of 25m euros from integration with Pagretia.
On the risk part, the data is even more impressive than the rate of credit growth. The index of unperforming exposures fell to 2.5%, with coverage rising to 54.7%. More importantly, new problematic exposures remain close to 1% on a yearly basis in the last five quarters, despite a very aggressive increase in loans. Typically such expansion rates are accompanied by loosening credit criteria or increasing delays. In the case of CrediaBank, so far the opposite has happened. Serviced exposures increased to EUR 5.8 billion, while problematic loans fell to EUR 150 million.
Special attention needs the capital piece. After the capital increase of EUR 300 million, the main core equity ratio is set at 16.6%, while the total capital adequacy ratio is up to 22.4%. Overcovering the increase almost four times also gives a message about how the bank's history was read by the market. The bank already absorbed around 50 basis points of capital from the intense organic credit expansion of the quarter, while the weighted assets rose to EUR 4.37 billion. Nevertheless, capital reserves remained particularly strong.
At the same time the administration opens a second cycle of strategic movements. The acquisition agreement for Europe Holdings introduces CrediaBank into the insurance sector, aiming at an additional pre-tax contribution of around EUR 45 million by 2027 and synergies of around EUR 17 million in full development. At the same time, the planned incorporation of HSBC Malta can increase the group's assets to a pro-forma basis of close to EUR 16.4 billion, now opening a completely different size capital for CrediaBank.
In the first quarter of 2026, therefore, it reveals that CrediaBank is beginning to grow in size, speed and production of organic funds that the market could hardly imagine a few years ago. And what will likely begin to employ investors more in the coming months will not only be the rate of growth, but where this bank can reach, if it manages to tie up high credit expansion together, low risk costs and increasing commission revenue within a single bank insurance company.
Από άποψη διαγραμματικής ανάλυσης, η μετοχή συνεχίζει να κινείται στο εύρος των 1,20 με 1,31 ευρώ, με την περιοχή των 1,39 ευρώ να αποτελεί πλέον το βασικό επίπεδο ανοδικής διαφυγής. Πάνω από εκεί, η επόμενη ζώνη στόχων μεταφέρεται στα 1,44 με 1,47 ευρώ.
* Apostolos Manthos is responsible for technical analysis & investment strategy
** The content of the Article may in no way be regarded as advice or suggestion or recommendation or invitation to purchase or sell any share or investment or financial product traded on an organised or non-market.
*** Republished by Chapter newspaper
