Logical performance but not enthusiastic, realistic stock valuations
What did the first six months of 2026 show us?
The Eurobank Show winnings EUR 738 million
The National Show winnings 567 million EUR
The Piraeus Show winnings EUR 617 million
Alpha bank Show winnings EUR 495,3 million
The Optima bank Show winnings EUR 104,3 million.
Sum = EUR 2,52 billion.
Bank tangible funds are formed as follows
Eurobank EUR 9.26 billion
National EUR 8.48 billion
Piraeus EUR 7.27 billion
Alpha bank 7.77 billion
Optima bank EUR 789 million
Sum = 33.5 billion
Key conclusions
1) In interest income, obviously, the Eurobank due to Greek and strong presence abroad with 1.34 billion interest income.
The following is the following: National and marginal back Piraeus and 4th place Alpha bank with ECU 852.7 million.
2) In supplies Eurobank has twice as much performance as National bank, A remarkable performance in the middle is Piraeus and Alpha bank.
The National is in the last place among the major systemic banks.
3)It is worth mentioning that the National bank is charged with 60 million of volunteering, 20 million of DETAIL the Workers' Fund and 86 million Egypt damage.
So these are one-off charges and must be assessed as a one-off effect
(4) The Eurobank continues to record more forecasts than National bank but the Piraeus continues to receive more provisions for credit risk...
Notably low are Alpha bank's forecasts.
Logical performance but not enthusiastic, realistic stock valuations
The performance of banks is realistic in proportion to the behaviour of interest income and commissions.
1) The Eurobank with stock value 16.1 billion. displays P/E for 2026 approximately 10.7 and in terms P/BV 1,73
(2) The National bank with stock value 15.26 billion. displays P/E for 2026 approximately 12.7 and in terms P/BV 1,80
(3) The Piraeus with stock value 12.17 billion. shows P/E for about 2026 9,8 and conditions P/BV 1,32
4) Alpha bank with stock value 9.65 billionIt shows P/E for about 2026 9,6 as Piraeus and terms P/BV 1.24 and is the cheapest.
(5) The Optima bank with stock value 2.32 billion. displays P/E for 2026 approximately 10.8 and in terms P/BV 2,94
We consider it fair to assess Eurobank, justifies first place in stock valuations in banks.
The ranking order National second and the Piraeus in 3rd place it is justified but will close a little more the split between Piraeus and the National Bank.
Alpha bank is still the cheapest among Greek banks.
The Optima bank continues to be the most expensive P/BV base.
www.bankingnews.gr
