More specifically, according to the Bank’s results, the Return on Tangible Equity (RoTE), based on Adjusted Net Profit after Taxes, reached 12.9% in Q3 2025, while Adjusted Earnings per Share amounted to €0.27, and the FL CET1 ratio stood at 15.7%.
Net credit expansion in Greece reached €0.7 billion in Q3, driven by large and small-to-medium enterprises, bringing the year-to-date total to €2.2 billion. The Group’s Performing Loans portfolio, excluding senior bonds, increased by €0.8 billion on a quarterly basis (+2.2%) and by €4.1 billion year-on-year (+13%), reaching €35.7 billion.
Group deposits rose by €1.6 billion, or 3.1%, on a quarterly basis, with term deposits representing 27% of total deposits. Customer funds increased by 9.2% year-on-year, driven by a 6.3% increase in deposits and a 17.2% rise in Assets Under Management (AUM).
The Group’s Non-Performing Exposure (NPE) ratio was 3.6%, up 11 basis points in Q3. Credit risk cost stood at 44 bps in the quarter.
The FL CET1 ratio was 15.7%, factoring in a dividend provision of €93 million, reflecting a positive contribution of 38 bps from the quarter’s organic profitability. Considering the positive impact on Risk-Weighted Assets (RWAs) from planned MEA transactions, the FL CET1 ratio reached 15.8%, and the Total Capital Adequacy Ratio stood at 21.2%. Year-to-date, the dividend provision amounts to €352 million.
The Bank’s Tangible Book Value reached €7.6 billion, up 1.1% quarter-on-quarter and 11.3% year-on-year, or 13% excluding dividend payments.
In October 2025, the Bank successfully priced a 6-year Green Senior Preferred Bond of €500 million at a historically low cost of 92 bps over the corresponding mid-swap rate, representing the lowest margin achieved for a Greek bank issuing a senior preferred bond of similar maturity.
Additionally, in October, the Bank completed the acquisition of nearly all assets and liabilities of AstroBank in Cyprus. The transaction is expected to increase the Group’s Earnings per Share (EPS) by approximately 5%, accounting for fully integrated synergies, with a limited impact on the Group’s CET1 ratio, estimated at around 40 bps. The transaction strengthens Alpha Bank’s position as the third-largest bank in Cyprus, enhancing the existing network through a complementary business model, doubling profitability in the country, and significantly improving overall Group performance.
Results Overview
In Q3, Net Interest Income reached €402.2 million, up 1% quarter-on-quarter, as improvements in deposit and funding costs offset lower loan contributions. For the nine months ended 2025, net interest income declined by 3.6% year-on-year.
Net fee and commission income reached €119.7 million in Q3, down 1.6% quarter-on-quarter, reflecting lower card and payment fees, which were fully offset by higher portfolio management and business lending fees. For the nine months ended 2025, fee income rose 14% year-on-year.
Recurring operating expenses remained largely unchanged quarter-on-quarter at €213.9 million, as higher general expenses were offset by lower personnel costs and depreciation. For the nine months ended 2025, recurring operating expenses increased 1.5% year-on-year due to higher general and personnel expenses.
In Q3, Pre-Provision Profit was €317.5 million (-3.8% quarter-on-quarter), while for the nine months ended 2025 it decreased by 0.1% year-on-year.
Credit risk cost was 44 bps in Q3 and 45 bps for the nine months, in line with management’s annual target.
Adjusted Net Profit after Taxes amounted to €217 million in Q3 2025, defined as net profit of €187 million excluding: (a) the €2 million impact of MEA transactions, and (b) other adjustments and related taxes of €28 million.
Statements from Vasilis Psaltis, CEO of Alpha Bank
"Alpha Bank delivered strong performance in the third quarter, confirming its ability to create value for all stakeholders by leveraging a favorable macroeconomic environment in the markets where it operates. Net profit after taxes reached €187 million in Q3, while on a normalized basis, it reached €217 million, highlighting the resilience of our diversified business model.
For the nine months ended 2025, net profit after taxes amounted to €704 million, underpinned by a strong capital position, with the CET1 ratio at 15.7%. This allows us to consistently pursue organic growth objectives while implementing a clear capital management framework, focusing on selective acquisitions and enhancing shareholder returns. Provisions of €352 million for distributions have already been made, and an interim dividend of €111 million will be paid in December.
The performing loans portfolio continued to expand, driven primarily by business lending, with targeted growth in Greece and abroad. Customer deposits increased 9% year-on-year to €74.2 billion, supported by significant inflows, particularly from corporate clients, and ongoing AUM growth. Business lending growth is expected to remain robust, while retail lending, particularly mortgages, is expected to maintain moderate short-term growth.
Our strategic partnership with UniCredit, strengthened by its recent decision to increase its stake in the Bank to approximately 29.5%, confirms confidence in our Group and the Greek economy. The partnership has already delivered tangible results in Wholesale, Transaction Banking, and wealth management, alongside significant knowledge transfer in areas such as IT and fees. The potential for long-term value creation is clearly reflected in UniCredit’s ongoing commitment and investment.
We have also made significant progress with targeted acquisitions, completing the full integration of FlexFin in Q3. The acquisition of AstroBank was recently finalized and is expected to positively contribute from the next quarter, while the AXIA Ventures transaction is expected to close before the end of 2025.
As we enter the final phase of our three-year strategic plan, we remain committed to sustainable growth and delivering attractive returns, focusing on achieving mid-to-high single-digit credit expansion, revenue diversification, strict cost control, and a clear capital strategy. I am proud of our employees’ dedication, which forms the foundation of our success and positions us strongly for the future. In this context, Alpha Bank will host an Investor Day in Q2 2026 to present strategic priorities for the coming years and showcase how we will leverage the momentum already achieved."
Outlook
Despite heightened uncertainty in the global economic environment, Greece’s real GDP grew 2% year-on-year in H1 2025, exceeding the EU-27 average (1.6%), supported by higher private consumption, net exports, and investment. Growth momentum is expected to continue through 2025 and 2026.
Downside risks remain, particularly the slowdown in international trade, which may negatively impact demand for Greek goods and services, and geopolitical uncertainty, which may delay investment projects.
Year-to-date, Alpha Bank has recorded net profits of €704 million, with EPS of €0.27 and a RoTE of 13.9%. This performance underscores the Bank’s resilience in a low-interest-rate environment, with net interest income increasing for the second consecutive quarter. Fee income also showed strong growth, driven by portfolio management, lending, and transaction fees.
Operating expenses for the nine months remained controlled, rising 1% year-on-year. Credit risk cost was 45 bps, in line with revised projections. Our partnership with UniCredit continues to generate significant commercial and operational synergies, while disciplined capital allocation and targeted M&A strategy support sustainable growth.
The Bank’s updated Strategic Plan will be presented at the Investor Day in Q2 2026, marking the next step in achieving our ambitious objectives.
