WOOD Flash – Greek banks: 2Q24E previews (reporting season starts on 31 July)
The Greek banks’ earnings season will kick off on 31 July, with Piraeus Financial Holdings and Eurobank Ergasias Services’ results, followed by National Bank of Greece on 1 August and Alpha Services and Holdings on 2 August. On the adjusted / before one-offs net income level, for the sector as a whole, we expect an 11% qoq contraction and 6% yoy growth. We believe that trading income is likely to be a significant factor behind the qoq decline in earnings. We do not expect radical qoq changes in the core lines, and foresee the NIM holding up better vis-à-vis the full-year guidance and steady performance in costs and asset quality. We continue to like Alpha Bank (BUY, EUR 2.06/share PT, and 5.8x P/E and 0.6x P/TBV for 2024E) and NBG (BUY, EUR 9.19/share PT, and 6.7x P/E and 1.0x P/TBV for 2024E).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.
Eurobank Ergasias and its subsidiaries are organized in the following reportable segments: Retail. which incorporates customer current accounts, savings, deposits and investment savings products, credit and debit cards, consumer loans, small business banking and mortgages; Corporate, which incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; Wealth Management, which incorporates private banking services; Global and Capital Markets, which incorporates investment banking services; and International, which incorporates operations in Romania, Bulgaria, Serbia, Cyprus, Ukraine and Luxembourg.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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