Alpha Bank

Alpha Bank | Attica Bank | Bank of Cyprus | Eurobank | Greek Economy | National Bank | OPTIMA BANK | Piraeus Bank | Research

Greek Banks: Strong Q4; 2026 Transitional; RoTE Picks Up in 2027-28; Higher Payout
ByDimitris Giannoulis March 9, 2026May 19, 2026

Q4 marked a strong close to 2025, with PPP flat to above our estimates on: robust volume; NII edging slightly higher qoq; strong fees; contained CoR => RoTE trending higher. Payout ratios were confirmed and/or raised. Banks are guiding for sustained loan growth and a steeper base-rate curve to lift RoTE > 16% in 2027–28….

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Alpha Bank | Attica Bank | Bank of Cyprus | Eurobank | Greek Economy | National Bank | OPTIMA BANK | Piraeus Bank | Research

Greek Banks: Update and Q&A
ByDimitris Giannoulis February 23, 2026May 19, 2026

15%-25% upside from current levels. We estimate systemic Greek banks have +15%-25% further upside from current levels, based on 14.7% RoTE (from 13.8%*; avg systemic banks), 10% CoE (from 12%) and 0% tg (unchanged). Lowering CoE was long overdue (we had done it only for BoC). The implied -market assigned- CoE is already there (see…

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Alpha Bank | Research

Alpha Bank: Q3 Broadly in Line; Guidance for +10% EPS CAGR 2024-27; +14% incl. Buy-Banks; Investor Day in Q2 2026; We Downgrade to DO NOT OWN IT (DOI)
ByDimitris Giannoulis November 7, 2025December 4, 2025

Q3 NII/fees/core PPP (x-trading income) came in -0.9%/+2.3%/-0.8% vs Alpha’s own compiled consensus. NII was +0.7% qoq, fees -1.6% qoq and PPP excl trading -3.8% qoq on lower other operating income. Net loan growth of +E2.2bn (9M), flat bond income and lower funding cost helped NII to overcome the 10bps drop in avg Euribor rate (qoq)…

Read More Alpha Bank: Q3 Broadly in Line; Guidance for +10% EPS CAGR 2024-27; +14% incl. Buy-Banks; Investor Day in Q2 2026; We Downgrade to DO NOT OWN IT (DOI)
Alpha Bank | Eurobank | Greek Economy | National Bank | Piraeus Bank | Research

Greek Banks: Q2 Update; Valuation Is Getting Tighter
ByDimitris Giannoulis August 4, 2025December 2, 2025

Q2 NII was broadly in line with consensus while stronger fees pushed PPP +1.7% to +4.6% above estimates. Lending was stronger qoq (Interest earning Stage loans +E4.2bn in Q2 from +E1.6bn in Q1), prompting banks to revise their FY 2025 loan targets higher and making sure NII sensitivity to 25bps-50bps further ECB rate cuts remains…

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Alpha Bank | Eurobank | Greek Economy | Industry-wide | National Bank | OPTIMA BANK | Piraeus Bank | Research

Greek Banks Q1 Results
ByDimitris Giannoulis May 12, 2025June 18, 2025

Greek Banks reported Q1 results last week. As expected, (L4L) NII and core PPP declined (-9% yoy/-5% qoq) on lower Euribor (-135bps/-45bps). The solid run rate on fees, lower time depos and -potentially- stronger loan volumes resulted in banks confirming FY targets, even if Euribor ends up 25bps lower than budgeted. Greek economic growth and…

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