Greek banks record strong expansion in business lending

Greek banks’ performance in financing the economy, particularly businesses, continues to exceed the eurozone average, according to the latest data released by the European Central Bank (ECB).

This trend is reflected both in overall credit growth and in lending to businesses.

Specifically, Greece recorded the eighth-highest rate of credit expansion among eurozone countries in June, with a growth rate more than double the eurozone average in lending to the private sector.

ECB data show that the annual growth rate of credit to Greece’s overall private sector stood at 9.44%, compared with 4.22% across the eurozone. The three strongest performances were recorded in Bulgaria (16.26%), Latvia (14.00%) and Malta (10.87%).

Among southern European countries, Italy recorded a growth rate of 4.25%, Spain 4.42%, and Portugal 8.65%.

Strong Performance in Business Lending

In terms of credit expansion to businesses—defined as loans to non-financial corporations—Greece recorded the fifth-highest performance in the eurozone, with annual growth of 11.28%.

This rate was nearly three times the eurozone average of 4.05%. Greece was preceded by Ireland (11.70%), Bulgaria (12.81%), Latvia (14.60%) and Lithuania (16.99%).

Among southern European economies, annual credit growth to businesses in June stood at 3.97% in Italy, 4.74% in Spain, and 5.74% in Portugal.

Household Lending Moves Closer to Eurozone Average

Regarding credit expansion to households, Greece’s performance has brought the country close to the eurozone average following a prolonged period of contraction in net flows of mortgage lending.

Although mortgage credit growth only returned to positive territory in October 2025, the recovery has continued.

The annual growth rate of credit to households reached 2.83% in Greece in June, compared with 2.93% in the eurozone.

For comparison, the corresponding rates were 2.66% in Italy, 3.53% in Spain, and 10.11% in Portugal.