Alpha Bank (ALPHA) Q3 2026 earnings summary

Executive summary

• 9M 2026 reported profit was €766.1mn, up 8% YoY; normalized profit was €778.5mn, up 14%.

• 9M operating income rose 13.5% to €1,848.0mn, with NII up 10.7% to €1,324.9mn and fee services income up 32.2%.

• Performing loans grew 13.1% YoY to €40.4bn and customer funds rose 18.7% to €88.1bn; tangible book value grew 10.7% YoY before distributions.

Financial highlights

• Q3 operating income was €633.9mn, up 1.1% QoQ; reported profit was €268.9mn and normalized profit €283.2mn, up 3% QoQ.

• Q3 NII was €472.2mn, up 8.2% QoQ; fees were €156.3mn, down 16.3% QoQ due to the Q2 PRODEA dividend comparison, but up 6.2% excluding PRODEA.

• 9M pre-provision income rose 14% to €1,146mn and profit before tax rose 15% to €1,013mn; impairment losses were €142mn, up 4%.

• Q3 recurring operating expenses were €231.0mn, down 3.6% QoQ; the cost-income ratio was 36%, while the 9M ratio was 37.8%.

• Q3 NII reached its highest quarterly level since Q4 2017, supported by loan and securities volumes and higher rates.

Outlook and guidance

• 2026 NII guidance increased to €1.8bn and total revenue guidance to €2.5bn; fee guidance remains above €600mn excluding the €40mn Q2 PRODEA benefit.

• 2026 cost guidance remains €960mn, reported profit €950mn and EPS €0.41; full-year cost of risk may exceed 45bps after Q4 model reviews.

• Management said circa €600mn of Q4 net credit expansion is needed to meet full-year loan guidance and remained on track.

• AstroBank integration is targeted for H2 2026, AXIA for Q4 2026, Flexfin for Q1 2027 and Alpha Trust for Q2 2027; announced transactions are projected to add EPS in 2027.