DB 'taking a breath' from Greek lenders after strong YTD gains

National Bank of Greece

21/06/2023 09:05

** Deutsche Bank says Greek banks' YTD gains showcase rising
investor interest, but cuts National Bank  NBGr.AT  and Piraeus
Bank  BOPr.AT  to "hold" from "buy" saying it is "taking a
breath after stellar performance"
    ** The broker says the stocks have outperformed the
FTSE/Athex Greek Banks Indices  .FTATBNK  by around 59% and
STOXX 600 Europe Banks  .SX7P  by around 10%
    ** It underlines consistent improvements seen in NII beats
driven by rates, efficient cost control, improving asset quality
and capital levels
    ** "We are now seeing multiples that would have been
unthinkable just a few months ago," DB says, pointing to P/Es at
around 6-7x and P/TBVs at 0.6-0.8x for 2024
    ** In some cases, hefty excess capital may allow dividend
resumption after many years, it adds
    ** The broker keeps Eurobank  EURBr.AT , the biggest Greek
lender by market cap, and Alpha Bank  ACBr.AT  at "buy"

 (Reporting by Antonis Triantafyllou)
 ((antonis.triantafyllou@thomsonreuters.com))