Alpha Services and Holdings SA

ATHEX:ALPHA

Profitability: Alpha Bank said first-half profits were close to EUR 0.5 billion on a normalized basis, up 6.5% year on year, and it raised full-year normalized EPS guidance to EUR 0.41.

Guidance: Reported full-year profit guidance was reiterated at EUR 950 million, even as management said underlying earnings are tracking better than expected.

Growth: Loan growth, fee income, and customer funds all strengthened in the first half, with performing loans up double digits and customer funds up 7% in the quarter.

Capital: The bank kept its capital position solid, with CET1 at 14.3%, and said it had accrued EUR 272 million toward distributions, including a planned EUR 124 million interim cash dividend.

Strategy: Management emphasized a broader wholesale transformation, pointing to stronger transaction banking, a growing investment banking franchise through AXIA, and deeper cooperation with UniCredit as key future earnings drivers.

Costs & risk: Costs were higher, but management said the full-year cost guidance of EUR 960 million is still firm. Asset quality stayed benign, with cost of risk at 42 basis points in the first half and 45 basis points still expected for the year.