Q1 2026 NII/PPP/net grew by +25%/+25%/+22% yoy while coming in +1.1%/-2.1%/-0.4% vs the bank’s own compiled consensus. RoTE at 25%. Loans +38%/+E1.5bn yoy with deposits +34%/+E1.6bn yoy (L/D at 85%). We highlight the CET1 ratio declining by 43bps qoq/166bps yoy to 11.76% thanks to strong asset growth; and Stage 2 inflows at +E250m qoq/+E313m yoy,…
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….
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…
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…
This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.