Alpha Bank reports record profit in Q1 2024 and plans to resume dividends

From Investing.com: 2024-05-18 18:04:51

Alpha Bank, the parent company of Alpha Services and Holdings, reported a Q1 profit of €211 million, its highest since Q3 2007. The bank has a strong full-year outlook with a 13% return on tangible equity and €0.31 earnings per share. Alpha Bank is eyeing the resumption of dividend payments from 2023 profits.

Alpha Bank’s collaboration with UniCredit is on track, contributing to its strategic growth. The bank saw positive trends in net interest income and fee income, with an 18% year-over-year increase in fees. Alpha Bank is investing in human resources and digital capabilities, with 25% of sales made through digital channels in Q1.

Despite transferring certain exposures to Stage 3, Alpha Bank has maintained stable asset quality. The bank has confirmed its cost income guidance and expects higher costs in the second half of the year. Alpha Bank’s solid performance in Q1 reflects its focus on maximizing value for stakeholders and improving efficiency.

InvestingPro Data shows Alpha Bank’s strong market presence with a market capitalization of $4.36 billion. The bank’s low Price/Earnings (P/E) ratio of 6.59 suggests undervaluation. Analysts predict profitability for the bank in 2024, aligning with its Q1 performance. Alpha Bank’s revenue growth of 10.28% indicates financial expansion.

For further insights into Alpha Bank’s financial health and future prospects, InvestingPro offers additional data and expert analysis. Use the code PRONEWS24 for a 10% discount on a yearly or biyearly Pro and Pro+ subscription. Alpha Bank’s positive outlook and partnership with UniCredit position it for continued success in the competitive banking landscape.



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