Greece’s systemic banks are ready to “turn a page”, Euroxx Securities analysts Andreas Souvleros and Vangelis Karanikas said this week, in detailing the latter’s balance sheets for the first quarter of 2021.
Results from Q1 showed an increase in profitability, a reduction in NPEs within targets, and less NPLs emanating from a moratorium on creditors’ action that previous forecast.
Pre-provision income increased on a three-month basis for all Greek banks, mostly thanks to lower operating costs, which offset pressure on net interest income (NII).
The pair of analysts calculated that ATHEX-listed bank share prices will be traded at 0.41 times their price to tangible book value (PTBV), both in 2021 and 2022.
Euroxx, in fact, recommends an overweight rating for Alpha Bank shares, with the target price at 1.25 euros per share; 3.40 euros per share for National Bank; and 0.88 per share for Eurobank. Piraeus Bank is under review.
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