Alpha sets higher goals for dividend
Announcing increased profitability for the first half of the year Friday, Alpha Bank also reported the first dividend to shareholders since 2007, as well as plans to increase the size of the dividend as a percentage of profits in subsequent years.
Recurring earnings reached €437 million in the first half, a 22.6% rise on the same period last year, Alpha Bank CEO Vassilios Psaltis told analysts.
The results allow the bank to increase its dividend target to 35% of 2024 profits, rising to 50% in 2025 and 2026.
As Psaltis noted, Alpha “has regained its investment grade rating by [credit rating agency] Moody’s after 14 years.”
“In the first half of 2024, we have managed to progress our strategy swiftly, meeting several targets ahead of plan. Therefore, we are pleased to upgrade our guidance around income, and recurring profitability for the full year.” Thus, the bank expects return on total equity to exceed 13.5% for the full year, total revenue to top €2.1 billion, and adjusted earnings per share at €0.33, up 6%.
{YPKAT}EVGENIA TZORTZI{YPKAT}
