What’s new? Eurobank published Q1 2023 results (no IFRS notes yet) with annualized RoTE climbing further up at 16% (+300bps qoq), as deposit beta and mix both came in below initial expectations/guidance. The loan-deposit spread keeps widening, prompting management to raise 2023 RoTE guidance to 14% from 13%. Higher than budgeted ECB rates (75bps and counting) and lower funding costs are both tailwinds. Weaker volume is a headwind.

What’s new? BoC reported annualized RoTE at 21% in Q1 2023, way higher than its FY 2023 target for RoTE >13%, driven by a widening loan-deposit spread. Management did not change its full year guidance but will most likely do so on its Investor Update Event on June 8. We are raising our 2023 RoTE to 17% (from 14%), or 15.5% adjusted for AT1, on lower deposit costs.

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 target), we do not expect the NII dynamics to change, even though management said Q1 NII will probably be the year’s strongest. Very positive that costs went down and that NPE formation remains negative; and that Alpha is getting rid of NPAs.

What’s new? Q1 revenues/EBITDA(L)/net income stood at -2%/0%/+4% yoy. Results failed to improve our visibility on the investment case. It is positive that cash flow guidance was reiterated at E500m (and E425m remuneration). The same goes for competition hardening going forward. Q1 numbers do not reflect the impact from the 8%-26% price cuts last February, given the gradual re-pricing of the customer base. It is positive OTE is not losing market share, with postpaid subs and BB lines up qoq.

What’s new? Piraeus announced strong Q1 numbers, driven by NII, on higher loan rate pass through compared to deposits (widening loan-spread). Volume remains weak. But the margin trend is proving to be stronger than before. Combined with higher base rates (3.25% from 2.50%) and negative NPE formation, management revised 2023 RoTE to 12% (from 10%, adjusted for AT1 costs). And assumes RoTE will remain at these levels until 2025.