Banks were on track for strong profitability in the first quarter of 2024, with analysts expecting them to exceed their full-year targets.

The total profits of the four systemic banks amounted to €1.09 billion in the first quarter of 2024, compared to €788 million in the corresponding quarter of 2023, up +38.4%.

NBG reported a net profit of €358 million (+38%), Eurobank €287 million (+21.4%), Piraeus €233 million (+29.4%), and Alpha Bank €211 million (+89.91%).

NBG announced interest income of €606 million (+22%), Eurobank €571 million (+13.7%), Piraeus €518 million (+15.88%), and Alpha Bank €420 million (+9.6%). Commission income reached €477 million, up 13.57%.

The average NPE ratio remained stable on a quarterly basis at 3.5%.

At the end of the first quarter, Eurobank had the lowest ratio at 3% (down from 5.1% in the first three months of last year), Piraeus was next at 3.5% (down from 6.6% in the same period last year), NBG was third at 3.7% (stable), and Alpha Bank was fourth at 7.6% (stable).

The systemic banks have announced their intention to distribute dividends for 2023 for the first time since 2008 and are subject to regulatory approval in early June. Eurobank aims to distribute EUR 0.09, NBG EUR 0.36, Alpha EUR 0.026, and Piraeus EUR 0.06.

The total capitalization of the four systemic banks amounts to €24,102 billion (Eurobank EUR 7,774 billion, National Bank EUR 7,601 billion, Piraeus EUR 4,699 billion, and Alpha Bank EUR 4,027 billion), up EUR 4,745 billion since the beginning of the year.

Since the beginning of the year, the banking index has gained 23.09%, while among the four shares of systemic banks, the biggest rise is seen in the share of Ethniki (+32.11%), followed by Eurobank (+29.81%), Piraeus (+17.50%) and Alpha Bank (+11.24%).