UBS Keeps Buy Ratings on Eurobank and Alpha Bank, Citing Cyprus and Wider International Growth

Nicosia, Cyprus. Swiss investment bank UBS has maintained buy recommendations on Eurobank and Alpha Bank after their third-quarter results, saying both lenders may still have room for share-price gains. It also highlighted their growing activity in Cyprus and other international markets.

Targets and drivers

Details of the UBS report were shared by the Greek news outlet Newmoney. The Swiss bank left its target prices at €5.40 for Eurobank and €5.20 for Alpha Bank, which suggest gains of roughly 21 per cent and 18 per cent respectively, before dividends.

Related: Alpha Bank international arm reports 13% rise in normalised nine-month profit despite Cyprus provisions

RelatedAlpha Bank international arm reports 13% rise in normalised nine-month profit despite Cyprus provisions

UBS bases its positive view on stronger core banking income, rising lending and a larger contribution from acquisitions, though it sees different factors behind each group’s outlook. For Eurobank, it cites regional expansion and earnings momentum. For Alpha Bank, the picture is expected to be clearer after an investor presentation on November 5, when the lender is due to set out an updated business plan and medium-term targets.

Eurobank’s Cyprus business

Both banks have major operations in Cyprus, and their latest results indicate how important the island is to their wider businesses. According to interim financial statements published on Monday, Eurobank’s Cyprus operations made a profit before tax of €367 million in the first nine months of 2026. Net profit attributable to shareholders at group level came to €1.16 billion.

Between January and September, the Cyprus business produced €733m in external revenue, a substantial share of the bank’s international operations, which also cover Bulgaria, Luxembourg and other markets. Over the nine months, Cyprus recorded €579m in net interest income, €98m in net banking fee and commission income, and €56m in other net revenue.

Integration and group performance

Eurobank is still integrating its Cypriot banking and insurance activities. It acquired the former CNP Cyprus subgroup in April 2025, and in December 2025 Eurobank Ergasias Services and Holdings was merged with Eurobank SA.

At group level, UBS said Eurobank’s third-quarter results confirmed strong underlying momentum. Adjusted net profit was 5 per cent above market estimates and 4 per cent above UBS’ own forecast.