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ALPHAFinancial Services · Banks - Diversified · ΧΑ

Alpha Bank

€4.228
−0.15(−3.47%)
Close 08/10/2026 · end-of-day price, not real-time

Alpha Bank (ALPHA) closed at €4.228 on 08/10/2026, -3.47% on the day, on 2.1× its 10-day average volume. Market cap €9.5bn, P/E 11.74, dividend yield 2.70%.

My view
Private · MENTOR takes it into account
+23.8%6M
08/10/2026Close 4.23−3.47%+23.8% since start

Valuation

Peers: 5
MetricALPHAPeer median
P/E11.711.7
P/E (forward)9.19.8
P/B1.11.7
P/S5.05.3
Dividend yield2.7%3.2%
Payout ratio31.5%32.1%
Operating margin47.4%60.1%
Net margin45.3%44.8%
ROE10.2%13.6%
Revenue growth (quarter, y/y)57.3%9.1%
Net debt€5.6bn−€487.6m
Twelve Data · latest quarter 30/06/2026

Same sector: Financial Services

P/BDay
EurobankEUROB1.5−3.7%National Bank of GreeceETE1.7−3.1%Piraeus BankTPEIR1.3−3.8%
Alpha BankALPHA1.1−3.5%
Bank of CyprusBOCHGR1.7−3.5%Optima BankOPTIMA3.2−5.2%

The company

AI-drafted

Alpha Bank is one of Greece's four systemic banks. It lends to companies and households in Greece and Cyprus, funded by €58.5bn of customer deposits, and earns fees on payments, cards, asset management and investment banking. UniCredit holds 29.8% of the voting rights.

How it makes moneyH1 2026 · basis: other
  • Wholesale4(revenues by operating segment)43%
  • Retail431%
  • International Activities49%
  • Corporate Centre4(includes eliminations)8%
  • Wealth Management48%
  • Non-Performing Assets42%
It is
  • A Greek systemic bank operating in Cyprus, with €45.9bn of net loans against €58.5bn of deposits and a 78% loan-to-deposit ratio.1
  • Since 27 June 2025 the listed entity is the bank itself: Alpha Services and Holdings was absorbed and delisted.3
  • UniCredit has held 29.796% of the voting rights since 5 January 2026, under an ECB authorisation for up to 29.9%.3
It is not
  • Not state-owned: no state holding is notified above the 5% disclosure threshold.3,5
  • No longer a Romanian bank: 90.1% of Alpha Bank Romania was sold to UniCredit in November 2024.5
  • Not a bad-loan story any more: the NPE ratio is 3.6%, down from 7.8% in December 2022.1
Recent developmentsAll company events →
  • Sep 2026On 21 September Alpha priced €700m of 4.5-year senior preferred notes at mid-swap plus 85bp; the transaction falls after the June balance sheet.12
  • Sep 2026Investor Day set for 5 November 2026, when the growth plan and revised targets will be presented.6
  • Aug 2026The squeeze-out completed on 24 August took Alpha Bank to 100% of Alpha Trust Holdings, which manages more than €2.2bn of assets.4,9
  • Jul 2026The €148m final 2025 dividend, €0.0656 per share, was paid on 8 July and 59,018,043 own shares were cancelled.7,8
  • Oct 2025The acquisition of AstroBank's banking operations was completed, consolidating third place in the Cypriot market.3
  • Jun 2025The reverse merger completed: Alpha Services and Holdings was absorbed by Alpha Bank and delisted.3,10
Key figures
  • CET1 ratio 14.3% Jun 20261
  • NPE ratio 3.6% Jun 20261
  • Net interest income €853m H1 20261
  • Customer deposits €58.5bn Jun 20261
  • Return on tangible book value 14.0% H1 20261
Key facts
  • A network of 270 branches, 244 of them in Greece, and 6,992 employees at end-2025.3
  • Reported profit of €943m in FY2025 and €497m in H1 2026, with a 38.5% cost-to-income ratio.1,2
  • A 55% payout on 2025 profits, €519m, split evenly between dividends and share buybacks.2
  • Flexfin, AstroBank’s Cyprus operations, AXIA Ventures and Alpha Trust have been acquired since 2025; the Altius Insurance agreement remains pending.3,4,11
  • Upgraded guidance of €0.41 earnings per share in 2026, up 13%, with an Investor Day on 5 November 2026.4,6
Sources
  1. 1.Q2 2026 Results press releaseAlpha Bank · 31/07/2026official
  2. 2.Q4 2025 Results press releaseAlpha Bank · 27/02/2026official
  3. 3.Annual Financial Report 2025Alpha Bank · 26/02/2026official
  4. 4.Q2 2026 Results investor presentationAlpha Bank · 31/07/2026official
  5. 5.Annual Financial Report 2024Alpha Services and Holdings · 06/03/2025official
  6. 6.Alpha Bank Investor Day 2026 scheduled for November 5 2026Alpha Bank · 08/09/2026official
  7. 7.Announcement of dividend distributionAlpha Bank · 29/06/2026official
  8. 8.Announcement of regulated information on share capital, shares and voting rightsAlpha Bank · 07/08/2026official
  9. 9.Completion of the squeeze-out of Alpha Trust Holdings S.A.Alpha Bank · 24/08/2026official
  10. 10.Listing approval and start of trading of ALPHA BANK S.A.ATHEX · 27/06/2025official
  11. 11.Execution of a definitive agreement for the acquisition of Altius InsuranceAlpha Bank · 01/07/2026official
  12. 12.€700m senior preferred notes pricing announcementAlpha Bank · 21/09/2026official
AI-drafted from the cited sources · 24/09/2026 · v2 · ✓ checked by an independent second modelAlpha Bank S.A.Website ↗
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Asks“Why did Alpha Bank fall 3.47%?”
Data: Twelve Data · End-of-day prices · Nothing here is investment advice.