In 2023, the profits of listed companies are expected to exceed the €10.4 billion achieved in 2022, while financial distributions are estimated to approach or exceed €4 billion, the highest amount since 2008 (€4.49 billion) and 2007 (€5.42 billion), while banks are also entering the dividend "map" after 16 years.

Listed companies compensated their shareholders with the amount of €2.93 billion in 2023 for the financial year 2022, while in the last 15 years the highest amount was recorded in 2007 at €5.42 billion according to Athens News Agency. 

In terms of profitability, fiscal 2023 is expected to be a record year, following 2007 (profit of 11.3 billion) and higher than the 10.4 billion of 2022. The net profit of listed companies in 2021 amounted to €4.08 billion, in 2020 to €0.67 billion, and in 2019 to €0.84 billion.

BANKS

For the first time since fiscal 2008, Greek banks will distribute dividends in July. The four systemic banks will distribute dividends amounting to €814 million. The approval for dividend accommodation seals the return of the Greek banks to normality, having travelled a difficult road for the Greek banking system.

Eurobank will pay a total dividend of €342 million, or €0.0933 per share; NBG will pay €332 million (€0.36 per share); Piraeus will pay a total dividend of €79 million (€0.063 per share); and Alpha Bank will pay €61 million (€0.026 per share).

Foreign and domestic investment houses are raising their target prices for Greek banks after the first quarter results and the ECB's decision to give the green light to dividend payments for the first time in 16 years. Analysts see the dividend distribution as a positive catalyst for the performance of bank stocks and believe it will "unlock" value. The positive outlook for the sector is due to the optimistic business plans presented alongside the 2023 results, which forecast resilience in profitability for 2024–2026 despite falling interest rates and the dividend distribution from 2023 earnings, which are expected to increase in the future.

The dividend yield of Greek banks will reach 10% in 2026, as it will be in line with that of their European peers, Jefferies estimates. Although dividends start at low levels (10–30% of 2023 earnings), they are nevertheless expected to reach the European average of 50% by 2026. JP Morgan's view is that distribution ratios will align with European averages by 2025–2026.