Jefferies sees Greek banks still on a roll in 2024

Piraeus Bank SA

09/01/2024 06:57

** Jefferies sees the strong performance of Greek banks
across 2023 to continue into 2024 as impairments and asset
quality continue to improve and the benefits of cost
restructuring are coming through 
    ** It sees Greek banks resuming dividend payments in 2024
with dividend yields in line with the EU banks' average
    ** The broker double-upgrades Alpha Bank  ACBr.AT  to "buy"
from "underperform" saying the UniCredit  CRDI.MI  deal allows
it to build excess capital and maintain its profitability
    ** It upgrades Eurobank  EURBr.AT  to "buy" from "hold"
seeing "upside potential" and higher earnings once Hellenic Bank
is absorbed into the group
    ** The broker also ups Piraeus Bank  BOPr.AT  to "buy" from
"hold" saying it has the lowest cost-to-income ratio out of the
Greek banks
    ** Jefferies maintains its "buy" rating on the National Bank
of Greece  NBGr.AT  which is its top pick for the sector due to
the bank's "superior" underlying profit metrics

 (Reporting by Antonis Pothitos)
 ((antonis.pothitos@thomsonreuters.com))