Alpha Services and Holdings S.A. Q1 2026 Earnings Recap

Alpha Bank shares inched up by 0.5% after reporting a largely in-line first quarter with modest growth in net interest income and fees, but the market appeared cautious given ongoing headwinds including geopolitical uncertainty and nonrecurring charges impacting overall profitability.

Key Takeaways

• Reported profit was EUR 182 million (EUR 221 million normalized), down sequentially and year-on-year due to one-off costs from a Voluntary Separation Scheme and weaker income from associates.
• Net interest income increased 1% quarter-over-quarter and 5% year-over-year, reflecting steady underlying lending dynamics.
• Fee income rose 3% sequentially and surged 29% year-on-year, contributing positively to revenue diversification.
• Cost-to-income ratio held at 39%, within guidance, and cost of risk remained stable at 44 basis points.
• Performing loans grew double digits year-on-year, and customer deposits increased on both headline and underlying bases, supporting asset quality and capital generation amid challenging external conditions.