Vassilis Psaltis described 2026 as another strong year in brief remarks on a conference call, ahead of the bank’s strategy presentation (investor day) next week.
He noted that the bank was on track to meet the upgraded targets it presented last quarter.
The bank reported net profits of €766 million in the first nine months of 2026, up 8% year on year. Normalised profits came to €779 million, an increase of 14%.
Normalised return on tangible equity (RoTE) was 14.5%, compared with 12.3% on a reported basis. Earnings per share reached €0.31.
The bank expects to distribute 55% of its nine-month profits, or €421 million. Of this amount, €124 million will be paid as an interim dividend in December 2026, subject to supervisory approval.
Boost from interest income and fees
Net interest income rose 11% to €1.325 billion. Fee income grew faster, up 32% to €483 million.
Volumes continued to rise. Performing loans increased 13% year on year. Customer funds, comprising deposits and assets under management, rose 19%.
On portfolio quality, the non-performing exposure (NPE) ratio stood at 3.8%. The cost of risk was 42 basis points. Management said asset quality remained stable despite uncertainty in the external environment.
Organic capital generation reached 124 basis points in the first nine months. Tangible book value rose 11% year on year, adjusted for dividends and share buybacks. The CET1 ratio stood at 14.5%.
Five acquisitions target 9% increase in earnings per share
Alpha Bank attributes a significant part of its strategy to five acquisitions. According to the presentation, they will increase earnings per share by more than 9%, while consuming less than 100 basis points of capital.
AstroBank in Cyprus is expected to make the largest contribution, adding 5% to earnings per share in 2027. The acquisition was completed in October 2025 and strengthens the bank’s position as the third-largest in Cyprus. Full integration is planned for the second half of 2026.
Next is the combination of the insurance businesses of Universal Life and Altius in Cyprus, which is expected to add 2% to earnings per share. It is the only one of the five deals still pending. Completion is expected between the fourth quarter of 2026 and 2027, subject to supervisory approval.
AXIA is expected to add 1.4% to earnings per share and 15 basis points to return on tangible equity. The acquisition will give the bank an investment banking platform in Greece and Cyprus. Alpha Trust, whose acquisition was completed in June 2026, adds about 1% and strengthens wealth management. Flexfin, a factoring platform for small and medium-sized enterprises, was already contributing positively to earnings per share from 2025, with minimal capital impact.
| Acquisition | Announcement | Completion | Earnings per share | Return on tangible equity | Capital impact |
|---|
| AstroBank | 27/02/25 | 31/10/25 | +5% in 2027 | +60 bps | about 40 bps |
| Altius / Universal Life | 19/12/25 | Q4 2026–2027 | +2% in 2027 | >+30 bps | about 23 bps |
| AXIA | 31/03/25 | 16/12/25 | +1.4% in 2027 | +15 bps | <20 bps |
| Alpha Trust | 07/04/26 | 24/06/26 | +1% in 2027 | >+10 bps | about 17 bps |
| Flexfin | 28/01/25 | 05/08/25 | Positive from 2025 | – | Minimal |