Alpha Bank (ALPHA) Q4 2025 earnings summary

Executive summary

• Reported net profit for FY 2025 reached €943 million, up 44% year-over-year, with normalized profit at €907 million (+5% y/y); Q4 profit was €237 million.

• EPS after AT1 coupon payments was €0.36, with normalized EPS at €0.36 and reported EPS at €0.38; ROTE at 13.8% normalized.

• Strong commercial momentum with net credit expansion of €3.5 billion, mainly from corporate lending in Greece and Cyprus.

• Customer deposits grew by €4–4.1 billion (+7.9% y/y), including €2.2 billion from Astrobank acquisition.

• Fee and commission income grew 19% year-over-year, now 23% of total revenues, driven by asset management and real estate management.

Financial highlights

• Revenues exceeded €2.2 billion, with operating income stable at €2,211 million for FY25; fee income outperformed expectations.

• Net interest income declined 2% year-over-year to €1,610 million; Q4 NII up 2.8% q/q to €413.3 million.

• Operating expenses were well contained, with OpEx within €870 million guidance and underlying cost growth managed to 3%-4%.

• Cost of risk for the year was 48 basis points, slightly above the 45bp guidance.

• CET1 ratio stood at 15% fully loaded, with organic capital generation of 206bps for the year.

Outlook and guidance

• 2026 normalized EPS expected to reach €0.40, with profits around €950 million and EPS growth of 11% driven by fee-generating business and M&A synergies.

• Loan growth projected at mid-to-high single digits, mainly from corporates, funded by deposits.

• Fee income targeted to exceed €600 million, with double-digit growth from asset management, transaction banking, and real estate.

• Cost-to-income ratio expected to edge towards 40%, with cost of risk guidance maintained at 45bp.

• Updated strategic roadmap to be presented at Investor Day in Q2 2026.