What’s new? Alpha Bank held its Investor Day yesterday, raising/confirming its RoTE 2023 target at c.10% (from >9%) and introducing 2025 RoTE target at >12%. EPS is projected to grow >20% p.a. in 2023-2025, with net income at an implied E590m in 2023 and E705m in 2025 (net of AT1 costs). The buffer. We find…
What’s new? With Alpha Bank (Jun 7) and Bank of Cyprus (Jun 8) holding their Investor Update events this week, we thought it would be useful to wrap up Q1 2023 results and touch upon the major banking trends in Greece. And what better way to do this than through a RoTE waterfall chart that…
What’s new? Alpha Bank announced strong Q1 numbers, driven by a widening loan-deposit spread, in turn driven by the asymmetrical loan vs deposit rate pass through (continuing). Volume remains weak. But the margin trend is proving to be stronger than expected. Unless term deposits go up (now at 20% or +4ppt qoq, vs 45% year-end…
Now that all Greek banks have -finally- published their full IFRS notes (Eurobank being the last), we analyze the most interesting points out of 2022 performance: Balance sheet structure, NII breakdown, RoTE differences, Securities HtM & unrealized losses, Stage 1-3 movements & coverage, and P&L reporting peculiarities. Some things we find annoying. You can see…
What’s new? With this note, we are making a case in favor of Greek banks, considering recent banking developments in the US and Europe, namely the collapse of SVB and Signature Bank, the rescue of First Republic Bank, and the acquisition of Credit Suisse by UBS, including the wipe out of AT1 holders. We reiterate…