Athens, Greece. Alpha Bank reported its first quarter 2026 results last week, with analysts from several international banks describing the operational performance as solid despite weaker headline profitability. The assessment reflected strong commercial momentum, resilient net interest income and a lower capital ratio.
Analysts’ assessment
Greek business outlet Newmoney reported that Citi, JPMorgan, Jefferies and Deutsche Bank all gave a broadly positive reading of the bank’s underlying performance, while also pointing to cautionary factors. Analysts said Alpha Bank continued to deliver strong fee income and confirmed its earnings per share target of €0.40 for 2026.
Headline profit and one-off costs
Reported net profit came in at €182 million, 9 per cent below market consensus, mainly because of a €47 million cost linked to a voluntary exit scheme involving about 350 employees. The programme is expected to produce annual savings of around €15 million.
Normalised performance
Citi said normalised net profit was €221 million, 2 per cent above consensus, with a return on equity of 9.9 per cent after additional tier capital coupons were taken into account. Analysts said this showed the bank’s underlying operational strength apart from the accounting effect of one-off items.
JPMorgan view
JPMorgan described the quarter as mixed, while saying core performance was stronger than the headline figures suggest. The bank said underlying net profit of €221 million was 2 per cent higher than consensus and its own estimates, and maintained an overweight rating with a target price of €4.40.
