As Greek banks are set to announce their quarterly results for
As Greek banks are set to announce their quarterly results for the year this week, JP Morgan estimates the sector will continue on a positive trend, albeit slightly down.
As JP Morgan notes, while Q1 results in 2025 posted a slight slump following a strong performance in Q4 of 2024, marked by substantial credit growth and a rise in consumer activity, indicators point to solid volume figures for the first quarter of the year.
First in line will be Eurobank, which is expected to announce its results on Tuesday, May 6, with Eurobank and the National Bank of Greece (NBG) following on May 8, and Alpha Bank on May 9.
JP Morgan highlights that net credit expansion reached €1.6 billion in the most recent quarter, driven by a 1.3% quarterly increase in loans to the private sector, translating to a 6.2% rise year-on-year.
In terms of valuation, Greek bank stocks have shown strong performance this year, climbing 23% year-to-date compared to a 19% gain for the SX7P index, according to JP Morgan. They are currently trading at 6.8 times projected 2026 earnings and at 0.85 times their book value per share, with an average forecast ROTE of 13.3% for 2027.
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