CEO Fokion Karavias said the bank's markets are holding up despite global challenges, citing a EUR 23 billion Greek development plan and strong tourism. The comments came as Eurobank reported H1 2026 results.
Eurobank CEO Fokion Karavias said inflation will push eurozone rates higher. The Greek economy is cushioned by a EUR 23 billion development program and strong tourism, he told analysts on the bank's first-half 2026 earnings call.
'The global environment remains agile and challenging,' Karavias said. Geopolitical tensions are weighing on sentiment and adding to inflation. The economies where the bank operates have held up, supported by investment and tourism, he said.
The Greek government recently unveiled a EUR 23 billion national development program for 2026 to 2030. Karavias said the program targets infrastructure, climate resilience, and regional economic convergence. It should sustain investment activity, he added.
Tourism, a key driver for Greece and Cyprus, is rebounding. 'Tourist arrivals rebounded swiftly and current trends point to a season broadly in line with last year's strong performance,' Karavias said.
Higher rates would boost Eurobank's net interest income, Karavias said. He also cautioned that a too-tight ECB could slow the Greek economy. He did not give a specific forecast for the ECB's next move.
Eurobank released its H1 2026 results on Wednesday. The bank's shares trade over the counter under the ticker ERBKY. Analysts from Bernstein, Goldman Sachs, JPMorgan, and Morgan Stanley attended the call.
The Greek economy grew faster than expected in the second quarter, Karavias said. The ECB's next rate decision is scheduled for September.
For broader context on Greek banks and the market, see stock market analysis.
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