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Greece NPEs: How Are Loan Servicers Doing So Far?
ByDimitris Giannoulis November 17, 2022June 18, 2023

What’s new? As more and more Investors are asking about the work done so far by loan servicers on Greek NPEs, managed either on behalf of the banks or on behalf of third parties, we are compiling all available performance data in this note. The numbers available are not always straightforward or sequentially comparable. The…

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Alpha Bank | Bank of Cyprus | Eurobank | Hellenic Bank | National Bank | Piraeus Bank | Research

Greek Banks: Q3 Wrap Up
ByDimitris Giannoulis November 13, 2022June 18, 2023

What’s new? Q3 was the first quarter out of many with strong underlying growth in NII (+9% qoq); combined with solid lending growth (Stage 1 up +E3bn following +E5bn in Q2) and contained costs (-2% qoq), it explains why all 4 systemic banks raised their FY 2022 guidance. The weird part is that none of…

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Alpha Bank | Bank of Cyprus | Eurobank | Hellenic Bank | National Bank | Piraeus Bank | Research

Greek Banks: TLTRO Carry Trade No More
ByDimitris Giannoulis October 31, 2022June 18, 2023

As expected, the ECB changed the TLTRO III terms to eliminate the carry trade and wipe out the excess liquidity from the market, in its fight against inflation. It also lowered the interest rate paid on minimum reserves. With Greek Banks holding E51bn of ECB funding, we estimate the impact to be a negative -15%/-21%/-214bps…

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Greek Equities Update
ByDimitris Giannoulis October 17, 2022June 18, 2023

In this note we outline the investment summaries of all Greek names we cover. We start off with a few points on macro and politics and our OI rated names, highlighting any changes compared to our previous assessment in June 2022. Inflation, inflation, inflation Real GDP grew by +7.8% yoy in H1 reflecting strong domestic…

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

Greek Banks: Q2 Wrap Up
ByDimitris Giannoulis August 17, 2022June 17, 2023

What’s new? Greek Banks have reported Q2 results and have -finally- published their IFRS reports. In this note we summarize the most notable points. Banks trade at 0.46x TBV 2022 on our estimates. Next year is less predictable and banks are not providing any guidance whatsoever. What should investors do? If you are relaxed about…

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