Alpha Bank - Q1 beat, buy-back proposal
Alpha Bank’s Q124 profit after tax reached a record €211m, up by 90% y-o-y, 75% q-o-q and 8% above consensus. The beat was driven by better trading gains and impairment losses, with net interest income (NII) and operating expenses largely in line. Adjusted return on tangible equity (RoTE) was 13.5%, ahead of the full-year target of 13%. Alpha also announced a change in proposed FY23 profit distribution. The previously indicated €0.05 dividend (€122m distribution) is now proposed to be split 50:50 into a €0.025 dividend and €61m buy-back, subject to regulatory approval. Any buy-back would be value enhancing as the shares trade at only 60% of tangible book value per share (TNAV).Alpha Bank is a banking and financial services group which is based in Greece. Co. is engaged in offering a range of services including retail, SME and corporate banking, credit cards, asset management, investment banking, private banking, brokerage, leasing and factoring. Co. is also active in international financial market, with a presence in Cyprus, Romania, London, Serbia, Albania, Jersey (Channel Islands), Bulgaria, former Yugoslav Republic of Macedonia and New York. Co. maintains a focus on retail banking in Greece and particularly loans to individuals and small business loans, and overall expansion in Southeastern Europe. Co.'s activities are divided into retail and wholesale banking.
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