Alpha Services and Holdings S.A. Q2 2026 Earnings Recap

Alpha Bank shares rose modestly by 2.6% following results that showed steady profit growth and strong strategic execution, though the market remained cautious given the absence of a more significant upside surprise.

Key Takeaways

• Reported close to EUR 0.5 billion in profits for H1 2026, up 6.5% on a normalized basis versus last year.
• Net interest income increased by 7.3%, driven by loan book growth.
• Fees rose 34% on headline basis (24% excluding Prodea dividends), benefiting from investment and M&A initiatives.
• Cost-to-income ratio stable at 39%, reflecting operational leverage within guidance.
• Cost of risk remained benign at 42 basis points, with performing loans growing double digits and 87% of the annual net credit expansion target hit in H1.