Despite the economic and financial challenges Greece faces, Athens’ Euroxx Securities has projected a growth in profits for the country’s four systemic banks this year.

A increase from $422.6 million in 2016 to $951.4 million in 2017 and $1.58 billion is expected in 2018. 

These projections represent a 29 percent to 49 percent decrease from the brokerage firm’s previous forecasts of profits per share, taking a more conservative approach in light of sluggish revenues and higher costs. The country’s banks are not earning as much as expected from lending and financial transactions and have been saddled with a strict IFRS 9 framework from the SSM, which lead to Euroxx Securities’ lowered projections.  

The profits projection, however, is still an optimistic outlook for the country’s systemic banks, which have seen significant improvements since the economic crisis in 2010. In the interim, they have been recapitalized three times and are operating under capital controls, making the Euroxx’s forecast an marked improvement.