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Alpha Services and Holdings, the parent company of Alpha Bank (ALPHA.AT), announced robust first-quarter profits of €211 million for 2024, marking the bank's hi

Alpha Bank

Earnings

Alpha Bank Reports Strong Q1 Performance, Eyes Dividend Resumption

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Image credit: Brendan Church

Alpha Services and Holdings, the parent company of Alpha Bank (ALPHA.AT), announced robust first-quarter profits of €211 million for 2024, marking the bank's highest earnings since Q3 2007. The impressive performance reflects the bank's strategic initiatives and positive trends in various business segments.

Highlights:

  1. Record Profitability:

    • Alpha Bank achieved a Q1 profit of €211 million, signaling a significant milestone and the highest earnings recorded in over a decade.
  2. Financial Performance:

    • The return on tangible equity stood at 13.5%, showcasing strong profitability metrics.
    • Earnings per share reached €0.09, underscoring the bank's solid financial health.
  3. Growth in Business Segments:

    • Alpha Bank experienced healthy increases in loan and asset management balances, indicating positive momentum in core operations.
    • The bank maintains a capital buffer of over 16%, positioning it well for pending transactions and strategic investments.
  4. Dividend Resumption Plans:

    • Alpha Bank has expressed its intention to resume dividend payments from 2023 profits, subject to regulatory approval.
    • The proposed dividend payout includes cash dividends and a buyback program, totaling €122 million.
  5. Strategic Investments:

    • The bank is investing in human resources and digital capabilities, with digital channels accounting for 25% of sales in Q1.
    • The partnership with UniCredit remains on track, contributing to Alpha Bank's strategic growth objectives.
  6. Stable Asset Quality:

    • Despite the reclassification of state-guaranteed loans, asset quality remains stable, reflecting prudent risk management practices.

Conclusion:

Alpha Bank's strong Q1 performance underscores its resilience and strategic focus amidst a challenging economic environment. With a solid financial foundation and promising growth prospects, the bank is well-positioned to deliver value to shareholders while navigating evolving market dynamics.

For comprehensive financial analysis and insights into Alpha Bank's performance, consider leveraging Financial Modeling Prep's Enterprise Values API.

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