Alpha Services and Holdings S.A. Q3 2026 Earnings Recap

Alpha Bank shares fell 2.5% after earnings, a roughly flat market reaction. The quarter showed continued loan and revenue growth, while trading and other income came in below management’s expectations and the near-term NII benefit is expected to fade as deposit pricing normalizes.

Key Takeaways

• Normalized profit was €283 million, up 3% quarter-on-quarter; reported profit was €269 million, with the prior quarter boosted by a deferred-tax-asset recognition.
• Net interest income rose 8% quarter-on-quarter. Management said part of the near-term benefit from deposit repricing will fade as retail time-deposit pass-through normalizes.
• Operating income increased 1% quarter-on-quarter, with trading and other income below management’s expectations; fees grew, including a record quarter for asset management above €40 million.
• Net credit expansion was €400 million, taking performing loans above €40 billion. Reaching full-year guidance requires about €600 million of expansion in Q4.
• Cost-to-income was 36% in Q3, with management expecting a seasonal cost increase in Q4. CET1 stood at 14.5%, up 20 basis points from Q2.