Stronger-than-expected earnings reported by Greek banks in the second quarter are prompting HSBC to raise its estimates for both earnings and price targets.
“Greek banks surprised us with stronger loan growth, faster repricing of securities portfolios and strong fee income in the second quarter,” HSBC’s report said, adding, however, that the positive impact of rate hikes on loan yields has yet to materialize.
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The bank reports that results were strong across banks with core PPI increasing by 8-11% quarter-on-quarter. According to the report, Alpha had the best credit growth and cost control, but core PPI growth fell slightly below peers due to lower fees.
Read also: How Goldman Sachs views Greek banks
Loan growth was slower at National, but strong growth in NIIs and provisions still brought PPI growth in line with its peers. Eurobank stood out with the best CET-1 progress in Q2 thanks to strong trading profits.
“From a valuation perspective, we believe the most promising second quarter results came from Piraeus Bank,” HSBC emphasizes.
The new target prices are:
Alpha Bank, buy recommendation and target price of 1.45 euros from 1.25 euros
Eurobank buy recommendation and target price of 1.65 euros from 1.45 euros,
National Bank buy recommendation and target price 4.55 euros from 4.15 euros
Piraeus Bank buy recommendation and target price 2.70 euros from 1.95 euros
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