Banks’ commissions topped €2 bln in 2024
Total commission income for Greece’s four systemic banks reached 2.1 billion euros in 2024, recording an increase of 16.3% compared to 2023, a rate more than double that of interest income. This was contributed by lending – mainly to businesses – and increased card transactions, but also investment banking, which is the big bet for the expansion of banking commissions for Greek banks.
Based on the forecasts incorporated in the business plans announced by the banks, commission income – despite the government interventions that came into effect at the beginning of the year and which are expected to “cost” around 90 million euros per year – will gradually gain more and more ground, expanding their participation in the banks’ total organic income.
As shown by the comparative data published by the SSM for the third quarter of 2024, the percentage of fees in their total organic income for the four systemic banks remains low compared to the European average, as it stood at 17.3% against 28.5%, which was the average of the European banks it supervises. Based on the data for the whole year, Piraeus Bank and Eurobank significantly improved this performance, resulting in fee income representing 23% and 21% respectively of their organic income, while Alpha Bank and National follow with percentages of 19% and 15% respectively. The aim is for fees to approach European levels.
The 2024 results put Eurobank at the top, with a total commission income of €665.8 million, boosted by activity outside Greece and the integration of Hellenic Bank. Commission income from Greece amounted to €481 million and another €185 million came from abroad.
Piraeus Bank’s commission income generated exclusively in Greece came to a historic high of €636 million, of which €282 million came from retail banking and €217 million from corporate and investment banking.
Alpha Bank’s commission income reached €420 million, from €374 million in 2023, of which €143 million came from transactions and cards, while €121 million came from loan commissions, mainly from the expansion of business loans.
Kathimerini
