Alpha Bank has reported its nine-month financial results:
The Return on Tangible Equity ratio, based on Adjusted Profit After Tax 2, stood at 15.5% in Q3 2026; Adjusted Earnings Per Share 2 came to €0.11, while the CET1 ratio was 14.5%.
- In Q3, net credit expansion in Greece came to €0.4bn (€2.6bn in the first nine months), while loan disbursements totalled €3.1bn. The Group’s performing loan portfolio, excluding senior bonds, stood at €40.4bn, up 1% quarter on quarter and 13.1% year on year.
- Group deposits rose 2.5% quarter on quarter, or by €1.5bn. Term deposits accounted for 29% of the Bank’s total deposits, while the deposit beta — the rise in deposit rates as a proportion of the increase in market rates — stood at 22%. Customer funds grew 18.7% year on year, reflecting a 13.3% rise in deposits and a 32% increase in assets under management (AUM), respectively. The loan-to-deposit ratio stood at 77%.
- The Group’s non-performing exposure ratio stood at 3.8%, while the cost of risk was 43 basis points in Q3 and 42 basis points in the first nine months of 2026.
- The CET1 ratio stood at 14.5%, taking into account a provision for dividend distribution of €421m for the nine-month period, mainly reflecting a positive 124bp contribution from organic profitability in the first nine months of 2026.
- The Bank’s tangible net asset value stood at €7.9bn, up 2.1% quarter on quarter and 4% year on year, or 10.7% on an annual basis excluding dividend payments.
- In Q3, net interest income came to €472.2m, up €35.8m, or 8.2%, quarter on quarter, reflecting positive contributions from the loan and bond portfolios, mainly due to higher balances and interest rates. Net interest income rose 10.7% year on year in the first nine months.
- Fee income was €156.3m in Q3, down 16.3% quarter on quarter, as the second quarter benefited from the PRODEA dividend. Excluding the P RODEA dividend, fee income rose 6.2% quarter on quarter, reflecting higher income from Cards and Payments as well as higher portfolio management fees. In the first nine months of 2026, fee income rose 32.2% year on year, or 25.4% excluding dividends from PRODEA.
- Recurring operating expenses came to €231m, down 3.6% from the second quarter, reflecting lower personnel expenses (down 9.3% quarter on quarter) and depreciation (down 7.2% quarter on quarter). These were partly offset by higher general expenses due to increases in taxes, third-party fees and premises costs. Recurring expenses rose 12.2% in the first nine months of 2026, mainly due to higher personnel costs, general expenses and depreciation.
- In Q3 2026, the cost of risk was 43 basis points, while it stood at 42 basis points for the first nine months.
- Adjusted net profit after tax, which came to €283m in Q3 2026, is defined as net profit after income tax of €269m, excluding: a) the impact of NPE transactions of €0.2m and b) other adjustments and related taxes totalling €11m.
Psaltis: We will present our strategic priorities
«On 12 October, Alpha Bank unveiled its new corporate identity, marking the completion of an ambitious transformation carried out over the past few years. Our new identity honours the Bank’s nearly 150-year history, is fully aligned with our new Purpose and Values, and clearly reflects our strategic positioning for the future. As Alpha Bank evolves into a stronger organisation, with greater capabilities and expertise and an even closer connection to the people, businesses and communities we serve, our new identity expresses both the progress we have made and our ambitions for the years ahead.
The warm response from our customers, employees and partners confirms that we are on the right track. At the same time, we have taken two important initiatives to support our people: launching a new programme that provides health insurance and home care for our employees’ elderly parents, and awarding salary increases to our financial advisers. These initiatives put into practice our commitment to our people and reflect the kind of organisation we are building.
In terms of financial performance, the third quarter confirmed the momentum of our business model, further strengthened by the contribution of our recent acquisitions and the continued resilience of our balance sheet. This allows us to enter the final stretch of 2026 from a position of strength. Net interest income came to €472m, its highest quarterly level since the fourth quarter of 2017, reflecting continued growth in the loan portfolio and a favourable interest rate environment.
Fee income reached €156m, with Cards and Payments among the key growth drivers, alongside stronger asset management business following a softer second quarter. Total operating income came to €634m, while disciplined cost management kept the cost-to-income ratio within expected levels. Adjusted profit for the quarter was €283m, while adjusted profit for the first nine months rose 14% year on year to €779m. Despite the uncertainties that continue to characterise the international macroeconomic environment, we have full confidence in the Bank’s financial strength.
Our capital position remains strong, our provisioning is prudent, and our funding base is solid and diversified. Greece is currently in an advantageous position compared with much of Europe, with strong fiscal performance, a continued reduction in public debt and a steadily expanding pipeline of investment projects.
These conditions reinforce our belief that the foundations for Alpha Bank’s next phase of growth are already firmly in place. Next week, at Investor Day, we will present our strategic priorities through to 2030. The financial performance reflected in these results, together with the new identity we unveiled in October, gives us a solid platform from which to open the next chapter for Alpha Bank. We have much to share about the future and look forward with great interest to the discussion on 5 November.»
* See the details in the Related Material column.