The Apostle Manthus
The tableau continues to give strong fundamental signals. Eurobank, National, Piraeus and Bank of Cyprus showed results combining credit growth, increased commission revenue, lower NPEs and strong capital adequacy, keeping market interest active.
The Eurobank (EuroB) continued in the first quarter of 2026 to display one of the most balanced banking models among Greek systemic banks, with strong organic growth and large geographical spread of profits. Net profits were formed in EUR 331 million, while the adjusted net gains amounted to EUR 351 million, with the return on equity instruments moving to 15,1%Special importance is the fact that almost half of the profitability of the group came from activities outside Greece, with Cyprus and Bulgaria continuing to add significant depth to the results. Net interest income increased to EUR 664 million, despite the fall in ECB interest rates , net revenue from commissions has been increased by almost 20% , to the EUR 203 million, with a boost from loans, property management and insurance activities. At the same time, the organic credit expansion reached EUR 1.1 billion Within the quarter and managed funds increased by 26% annually. The asset and capital quality indicators remained at strong levels, with NPE 2,6%, coverage of provisions 94,1%, one of the highest on the market, while the CET1 index remained in the highly strong 15,4%. Chartically the share receives values in the last few weeks between the range of 3,6 to 4 euros. Upgrading will bring the share to EUR 4,40.
The National Bank (EIB) presented in the first quarter of 2026 results with strong operational profitability, high capital adequacy and a particularly durable interest income base. The net profitability was established in EUR 272 million, while the adjusted net profits reached EUR 344 million, recording rise 23% on a quarterly basis. The impetus stemmed from the strengthening of net interest income and the particularly strong performance of financial transactions revenue. At the same time, the bank continued to produce return on equity instruments 13.4%, even in a quarter of increased capital movements. Net interest income NII increased to EUR 541 million with a net interest margin of 272 basis points, despite the negative effect of calendar days and the gradual deescalation of interest rates on the Eurozone. This shows how strong the low-cost deposit base remains. The quality of assets remained one of the strongest in the industry, with the NPE index in 2,4% and coverage of provisions 107%, whereas CET1 was maintained in the highly high 17,4% even after the purchase of shares of EUR 300 million. However, the administration has left open the possibility of a better course in net interest revenue within the year, while the agreement with Allianz begins to gain greater special weight. In terms of a diagram analysis, the share should be divided upwards. EUR 14,75 to escape towards EUR 16.
The Piraeus Bank (PIP) began in 2026 with a quarter of intense business activity, maintaining high organic profitability and the largest credit expansion of the Greek market. Net profits were formed in EUR 281 million, with the smoothed return on tangible equity moving to 14,6%, level that keeps the bank within objectives for the entire use. The strongest point of the quarter came from the line of supplies and non-interest work. The revenue from services was launched at EUR 210 million, increased by 32% on an annual basis, with its contribution National Insurance, customer capital management and insurance products raise the revenue index from services to assets 0,94%, the highest level of the market. At the same time, net credit expansion reached EUR 1.3 billion Within just one quarter, with the serviced exposures rising to EUR 38.6 billion and housing disbursements increasing by 95% on an annual basis. On the risk front, Piraeus kept the organic risk cost in 32 basis points, while the NPE index remained in 2,1% with 70% coverage. At the same time, the total capital ratio was formed in 18,5%, even after the provision for distribution of 57% of 2026 profits to shareholders. Charts the share while holding its support zone EUR 8 τόσο θα στοχεύει προς τα 9 ευρώ.
The Τράπεζα Κύπρου (BOCHGR) ξεκίνησε το 2026 με ένα τρίμηνο υψηλής αποδοτικότητας, διατηρώντας την κερδοφορία και την κεφαλαιακή της ισχύ σε επίπεδα που συνεχίζουν να ξεχωρίζουν στην ευρωπαϊκή τραπεζική αγορά. Η καθαρή κερδοφορία διαμορφώθηκε στα 121 εκατ. ευρώ, με την απόδοση ενσώματων ιδίων κεφαλαίων να παραμένει στο ιδιαίτερα υψηλό 18%. Τα καθαρά έσοδα από τόκους ανήλθαν στα 181 εκατ. ευρώ, κρατώντας καθαρό επιτοκιακό περιθώριο στις 281 μονάδες βάσης, ενώ η διοίκηση επανέλαβε στόχο για ετήσια επίδοση κοντά στα 720 εκατ. ευρώ ακόμη και με μέσο επιτόκιο ΕΚΤ στο 2%. Πίσω από αυτή την ανθεκτικότητα βρίσκεται η ιδιαίτερα ενεργή πολιτική αντιστάθμισης επιτοκιακού κινδύνου, που πλέον καλύπτει περίπου το 48% των επιτοκιακών στοιχείων ενεργητικού. Τα επαναλαμβανόμενα μη επιτοκιακά έσοδα κάλυψαν περίπου το 76% των λειτουργικών εξόδων, ενώ ο ασφαλιστικός βραχίονας συμμετείχε πλέον με 11% στα καθαρά κέρδη του ομίλου. Παράλληλα, η τράπεζα συνέχισε να γράφει ισχυρή πιστωτική επέκταση με νέες χορηγήσεις 829 εκατ. ευρώ και αύξηση 2% στα εξυπηρετούμενα δάνεια. Ο ισολογισμός συνέχισε να κινείται με πολύ υψηλές αντοχές, καθώς ο δείκτης NPE υποχώρησε στο μόλις 1,1%, με ισχυρή οργανική κεφαλαιακή δημιουργία και CET1 στο εντυπωσιακό 20,7%, δίνοντας στην Τράπεζα Κύπρου μεγάλη ευελιξία για μερίσματα, εξαγορές και περαιτέρω ανάπτυξη. Εδώ η μετοχή δείχνει να δοκιμάζει τις δυνάμεις της πάνω στο όριο των 10 ευρώ. Επιβεβαιωμένη διάσπαση οδηγεί στα 11,10.
* Apostolos Manthos is responsible for technical analysis & investment strategy
** The content of the Article may in no way be regarded as advice or suggestion or recommendation or invitation to purchase or sell any share or investment or financial product traded on an organised or non-market.
*** Αναδημοσίευση από την εφημερίδα “Κεφάλαιο”
