Eurobank

The second quarter of the year (April-June) was a good one for Greek banks, NBG securities says in a note following the announcement of the first-half results of the "big four" banks (Alpha, Eurobank, National and Piraeus).

Uncontrollable “bleeding” in global markets, with Athens recording one of the largest percentage drops compared to other European stock exchanges. Most of this year’s gains were lost, with trading volume at high levels due to mass sell-offs.

On Monday (5/8), the General Index plunged by -7.37%, trading at 1,325.49 points, fluctuating between a low of 1,325.03 and a high of 1,428.01 points.

The current scenario reflects one of the most significant daily declines in recent years, comparable to February 24, 2022 (-6.42%) and March 23, 2020 (-7.58%). If the index falls below 1,300 points, it risks wiping out 2024’s gains.

Judging by the plans of Greece's biggest banks to use their central Athens properties to relocate their offices or to otherwise use them commercially, one can be excused for being under the impression they want to turn Stadiou Street, one of the capital's main streets and the one where commercial properties were hardest hit by the financial crisis, into a mini City of London.

Experts say the Greek economy will grow at a slower pace than expected, affecting expectations for inflation and also for interest rates.

Eurobank has revised upward its objectives for 2024, raising the estimate for organic operating profits to over 1.6 billion euros against €1.5 billion in its previous estimate, a return on equity close to 16.5% vs 15%, NPL ratio of 3% vs 3.5% previously estimated and a capital ratio of 17%.

Banks led the Greek stock market to a remarkable rally on Wednesday, which compounded the month's gains to see the benchmark at Athinon Avenue end July 5.26% higher than its level at end-June. The interest in the market was also highlighted by the significant increase in turnover, though rising stocks only marginally outnumbered decliners on the day.

The Greek stock market closed Wednesday’s (31/7) session on a positive note, with the banking sector giving its back, stopping a six-day downward trend that had cost it -5.26%.

The public offer of Eurobank to the shareholders of Hellenic Bank expired on Tuesday, without any substantial result in terms of increasing the percentage controlled by the Greek group in the second largest Cypriot bank.

The Greek bourse revealed a very interesting picture on Tuesday as there was a general trend for sales almost the entire session, but certain blue chips (most notably Eurobank) and a large number of other stocks resisted, leaving the rising stocks almost on at the same level as the decliners. Trading volume also showed some welcome improvement, a day before the end of the month.