Alpha Bank (UI6) Q3 2026 Earnings Report
DE:UI6 Q3 2026 EPS Results
- Actual EPS
- EUR 0.11
- Consensus EPS
- EUR 0.10
- Beat/Miss
- Beat by +EUR 0.01
- One Year Ago EPS
- EUR 0.07
DE:UI6 Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.34B
- Expected Revenue
- EUR 626.25M
- Beat/Miss
- Beat by +EUR 713.75M
- YoY Revenue Growth
- +16.02%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
Alpha Bank's next earnings date is estimated for February 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Alpha Bank reported solid profit, net interest income, fee, loan, customer-fund, capital and tangible-book-value growth, raised net interest income and total revenue guidance, and reiterated profit and EPS guidance. The main challenges were softer trading and investment-banking income, negative custody valuation effects, a modest increase in the NPE ratio, and the possibility that Q4 model adjustments could push full-year cost of risk above 45 basis points.
For 2026, management now expects EUR 1.8 billion net interest income, while guidance on fees is unchanged at above EUR 600 million, excluding the EUR 40 million benefit from Prodea, with the figure posted expected to be closer to EUR 640 million; other revenue guidance is unchanged, taking total revenue guidance up to EUR 2.5 billion, and cost guidance remains EUR 960 million for the year, with a seasonal step-up in Q4. Full year guidance of EUR 950 million in reported profit is reiterated, as is guidance for EUR 0.41 of EPS, while there is a chance that cost of risk for the year will land above 45 basis points. The bank remains on track for its full year loan guidance, which would require circa EUR 600 million of net credit expansion in Q4, and will refrain from providing any further guidance on the outlook near term or longer term before Investor Day.
- Strong Year-to-Date Profit Growth2026 reported profits are up 8% versus last year, while normalized profits are up 14%. Third-quarter reported profit was EUR 269 million, and normalized profit was EUR 283 million, up 3% quarter-on-quarter.
- Net Interest Income Growth and Guidance UpgradeNet interest income increased 11% year-on-year and 8% quarter-on-quarter, reaching its highest quarterly figure in nearly 9 years. The increase was supported by higher loan, securities and deposit volumes, as well as the timing of retail time-deposit repricing. Full-year 2026 net interest income guidance was raised to EUR 1.8 billion.
- Strong Fee Income PerformanceFees increased 32% on a headline basis and 25% excluding dividends from the Prodea participation. Asset Management had a record quarter, exceeding EUR 40 million in fees, while full-year fee guidance was maintained at above EUR 600 million, or approximately EUR 640 million including the EUR 40 million Prodea benefit recorded in Q2.
- Operating Efficiency Remains StrongThe cost-to-income ratio was 38% for the first nine months, within guidance, and 36% in Q3. Management said the business continues to show operating leverage, although a seasonal cost increase is expected in Q4.
- Solid Asset Quality and ProvisioningCost of risk was 42 basis points for the first nine months and underlying cost of risk was 32 basis points in Q3. Management stated that broader macroeconomic uncertainty has not yet surfaced materially in the loan book and described provisioning as prudent.
- Performing Loans Exceed EUR 40 BillionPerforming loans surpassed EUR 40 billion, increasing 1% quarter-on-quarter. Net credit expansion was EUR 400 million in Q3, and management said the bank remains on track to meet full-year guidance, which requires approximately EUR 600 million of net credit expansion in Q4.
- Customer Funds and Asset Management InflowsCustomer funds increased 19% year-on-year, supported by strong deposit inflows and positive net sales of assets under management. AUM net sales were EUR 400 million in Q3 and EUR 1.1 billion year-to-date, slightly above the full-year guidance.
- Corporate Deposit Growth and Stable Near-Term OutlookDeposit growth in Q3 was primarily driven by corporate deposits from shipping, infrastructure, power and utilities clients. Management said these deposits are primarily term deposits, are likely to remain, and that it does not see near-term deposit outflows.
- Tangible Book Value and Capital GenerationTangible book value increased 5% quarter-on-quarter and 11% year-on-year when adjusted for distributions. Organic capital generation was 50 basis points in the CEO's summary and 124 basis points for the first nine months in the CFO's capital discussion. The CET1 ratio was 14.5%, up 20 basis points versus Q2.
- Synthetic Securitization Supports CET1The new synthetic securitization increased CET1 by 17 basis points versus Q2. Management also said there was no impact from bond-market volatility because the securities book is predominantly held at amortized cost, while the fair-value-through-OCI book represents only 7% of the total book.
- Distribution Accrual and Interim DividendThe bank has accrued approximately EUR 420 million toward distributions so far this year, based on a payout accrual equal to 55% of reported profit plus DTC acceleration. Management intends to distribute approximately EUR 124 million as an interim cash dividend in early December.
- Total Revenue Guidance IncreasedThe EUR 50 million increase in net interest income guidance raised total revenue guidance to EUR 2.5 billion. Full-year reported profit guidance of EUR 950 million and EPS guidance of EUR 0.41 were reiterated.
- Mortgage Reprofiling Nears Completion Without Current Cost-of-Risk ImpactThe mortgage reprofiling process, which began in early 2023, is expected to be completed by Q4 or, at the latest, early Q1 2027. Management stated that the process has zero impact on current-quarter cost of risk; the EUR 6 million modification loss in Q3 had already been accounted for four to six quarters earlier.
- European Syndication Expected to CureA restructured EUR 3 billion European syndication has continued paying interest and capital. Management believes the loan will be cured in the coming quarters.
- Improved Wholesale Funding SpreadManagement stated that the spread paid for wholesale funding has improved, as it has for Greek banks generally, due to the improved environment. The size of wholesale funding has increased to support growth in the loan book.
- Supportive Greek Macroeconomic BackdropManagement described Greece as having a strong fiscal trajectory, declining public debt and an expanding investment pipeline, providing confidence in the foundations for Alpha Bank's next phase of growth.
- Continued Investment and Bolt-On M&A BenefitsManagement said investments made in the business and its bolt-on M&A strategy continued to bear fruit.
DE:UI6 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 26, 2027 | 2026 (Q4) | 0.11- | 0.1 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 0.100.11 | 0.07 | 48.65% (+0.04) | |
| Jul 31, 2026 | 2026 (Q2) | 0.110.12 | 0.11 | 7.14% (+0.01) | |
| May 20, 2026 | 2026 (Q1) | 0.090.08 | 0.09 | -11.11% (-0.01) | |
| Feb 27, 2026 | 2025 (Q4) | 0.100.10 | 0.09 | 16.47% (+0.01) | |
| Nov 07, 2025 | 2025 (Q3) | 0.080.07 | 0.07 | 2.78% (+0.00) | |
| Aug 01, 2025 | 2025 (Q2) | 0.090.11 | 0.08 | 40.00% (+0.03) | |
| May 09, 2025 | 2025 (Q1) | 0.090.09 | 0.09 | 0.00% (+0.00) | |
| Feb 28, 2025 | 2024 (Q4) | 0.070.09 | 0.06 | 41.67% (+0.03) | |
| Nov 08, 2024 | 2024 (Q3) | 0.070.07 | 0.08 | -10.00% (-0.01) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
