Alpha Bank (ALPHA) Q2 2026 earnings summary

Executive summary

• H1 2026 normalized profit after tax reached €495–€500 million, up 6–6.5% year-over-year, with reported profit at €497 million; return on tangible equity was 14.0% (normalized).

• Net interest income rose 7–8% year-over-year to €853 million, driven by loan growth and acquisitions; fee income surged 34%.

• Cost-to-income ratio held at 38–39%, within guidance, demonstrating operating leverage.

• CET1 ratio at 14.3%, with tangible book value up 7% year-over-year.

• Performing loans grew 14% year-over-year to €39.9 billion, with 87% of annual net credit expansion target achieved in H1.

Financial highlights

• Q2 2026 normalized profit after tax was €275 million, up 25% quarter-on-quarter; net profit for Q2 was €316 million.

• Operating income for Q2 2026 was €627 million, up 7% quarter-on-quarter and 12% year-over-year.

• Cost of risk at 39–42 bps in Q2 2026, with impairment losses of €44 million.

• CET1 ratio at 14.3%, total capital ratio at 19.3%, and MREL ratio at 29.3%, all above regulatory requirements.

• Tangible book value reached €7.8 billion, up 7% year-over-year.

Outlook and guidance

• Upgraded EPS guidance to €0.41 for 2026, with 13% expected EPS growth; interim cash dividend of €124 million planned for Q4.

• Revenue consensus for the year at €2.45–2.46 billion, above original guidance.

• Ordinary payout ratio set to increase over 2025–2027, with share buybacks and extraordinary dividends planned.

• Focus on integrating acquisitions and leveraging M&A synergies for future growth.

• Continued emphasis on digital transformation, sustainable finance, and international expansion.