Eurobank and National Bank of Greece are positioned at the top of the European banking ranking for return on equity, according to a pan-European report from UBS, which confirmed the robust and sustained profitability of the Greek banking system.

The report, whose findings were shared by Greek business outlet Newmoney, placed Eurobank and National Bank of Greece (NBG) firmly in the upper section of the European ranking for return on equity.

This positioning confirmed that their profitability is not a cyclical phenomenon but is instead the result of a steady improvement in asset quality and cost control.

Piraeus Bank, however, stands out in the wider European framework mapped by UBS as the bank that most clearly embodies the new Greek banking normality.

This normality is characterised by high organic profitability, deep capital generation, and a funding model that yields returns even in a low interest rate environment.

With a target price set at €9.20, UBS places Piraeus Bank among its top picks for 2026.

The investment bank justified this by Piraeus Bank’s combination of a return on equity that stabilises at 15 percentage points, exemplary cost control, and a deposit balance that offers a clear advantage in funding costs.

What is more, the report also showed Piraeus Bank at the highest levels across Europe in terms of cash flow dynamics and capital strengthening.

Furthermore, Piraeus Bank’s price-to-net worth ratio and estimated earnings rank it among the sector’s most attractive valuations.

Alpha Bank also bolsters the overall Greek average, showcasing a cash flow performance that surpasses many Western European groups.

The recent acquisitions mentioned in the UBS report give Alpha Bank a distinct developmental character.

While all four Greek banking groups function as a multiplier of credibility for Greek banking, it is Piraeus Bank that, according to UBS, combines the valuation, momentum, and outlook to justify its place among the top investment stocks in Europe for 2026.