Record in shrinking costs have made the Greek banks After the programs output volunteer of recent years and the shrinkage of the network, but also non -purely banking affiliates.
From 2019 until the end of 2024 Greek banks closed 485 stores and reduced their staff by 10,346 workers through brave voluntary exit programs. At the same time, they were also restricting administrative expenses, redirecting the funds cut into investment in technology to digitize them.
This course has today led Greek banks to the lowest expenses for revenue in the EU. And in the first place with a big difference from the other European banks. The cost to revenue stands at 54.84% for European banks, while for Greek it is only 36.02%, giving them 18.82 percentage points and a great advantage in international investors’ ratings.
The figures announced by the four major banks for the second quarter and first half of 2025 showed that the amount of the first semester operating costs amounted to about 1.9 billion. Euro, while the two banks with the lowest cost to revenue were the National Bank with 30.4% and Piraeus Bank with 33%.
Piraeus Bank reduced operating expenses by 5% on a quarterly basis to € 212 million, while on a yearly basis there was a 4% increase. In total in the first half, the Bank’s operating expenses amounted to EUR 436 million, of which 202 million staff costs. Personnel expenditure increased by 3% annually to EUR 103 million in the second quarter of 2025, due to increased variable earnings.
General and administrative expenses stood at € 76 million, +4% per year, charged with legal costs and consulting expenses on transformation programs, Snappi, and preparation for the acquisition of National Insurance.
Depreciation costs increased by 4% compared to the previous quarter, and by 11% on a yearly basis, as expected, due to the maturation of investment in the field of technology. Consequently, the cost index to basic revenue on a repeated basis stood at 33% in the second quarter of 2025, in alignment with the annual target.
The National Bank announced operating costs of 423 million in the first half of 2025, increased by+5% annually on a comparable basis, capturing higher staff costs (+4% on a yearly basis, at 227 million euros), due to recruitment of new executives, Bank in Infrastructure and Digital Technology. The cost to revenue remained low, rising to 30.4% in the first half of 2025.
At Eurobank, operating costs increased on a 6.7% year -over -year basis in Greece and 34.3% at the Group level (or 6.0% excluding the Hellenic Bank), at € 614 million from € 457 million in the first half of 2024. 37.6% and 37.0% respectively in the first semester 2025.
In Alpha Bank, in the second quarter of 2025, repeated operating costs amounted to 214.2 million, up 5.2% compared to the first quarter, as a result of higher staff salaries as well as higher general expenses due to increased maintenance and manufacturing costs as well as operating expenses.
In the first half of 2025, the recurring operating expenses increased by 1.4%to EUR 418 million, due to the highest general costs and staff pay, including the cost of voluntary exit and investment program in technology. The cost to revenue stood at 39%.