Alpha Bank Q2 2026 Results Overview
Alpha Bank S.A. reported net profit of €316 million for the second quarter of 2026, surpassing the consensus estimate of €240 million by 32 %. The result incorporated a €120 million positive deferred tax asset recognized during the quarter.
Normalized profit after tax amounted to €275 million, which is 17 % above the forecast. Pre‑provision earnings were 4 % higher than expected, driven by stronger net interest income and fee performance.
Net interest income exceeded estimates by 2 % and grew 5 % quarter‑over‑quarter and 9 % year‑over‑year, reflecting higher loan and bond income. The net interest margin widened by four basis points to 216 basis points; loan spreads fell three basis points while deposit spreads rose 18 basis points.
Fee income beat expectations by 15 % largely due to a €40 million dividend from Prodea recorded under real‑estate income. Excluding this dividend, fee income increased 5 % quarter‑over‑quarter and 24 % year‑over‑year, supported by higher investment‑banking activity and stronger cards‑and‑payments earnings.
Performing loan balances grew 5 % from the previous quarter and 11 % year‑over‑year, with net credit expansion of €1.6 billion in the quarter, driven by corporate lending in Greece.
The cost of risk was 39 basis points, below the consensus of 46 basis points. The non‑performing exposure ratio improved by ten basis points to 3.6 %, while the coverage ratio remained steady at 55 %.
The fully loaded common equity tier 1 ratio stood at 14.0 %, a decline of 70 basis points from the prior quarter, reflecting one‑off items such as the Alpha Trust transaction, the closure of a major risk‑transfer deal, profit‑and‑loss adjustments and an employee share‑accrual programme.
Alpha Bank announced an interim cash dividend of €124 million to be paid in the fourth quarter of 2026, subject to regulatory approval. It has accrued €273 million for distributions in the first half of 2026, representing a 55 % accrual rate.
The bank upgraded its full‑year 2026 normalized earnings‑per‑share guidance to €0.41 from €0.40, ahead of the consensus estimate of €0.39, while maintaining its net‑profit target of €950 million for the year.