The European Central Bank gave Greek banks the green light to proceed with dividend distribution for the first time after 16 years. The four systemic, Alpha Bank, National Bank, Eurobank and Piraeus Bank issued announcements on the occasion of the approval by the ECB where they state the amounts they will distribute in dividends. It is recalled that the four major banking institutions of Greece announced total profits of 3.5 billion euros for 2023, which were supported by high interest rates and strong economic growth.

Alpha Bank – Dividend of €122 million from 2023 earnings

An amount of 122 million euros from the profits of 2023 will be distributed to its shareholders by Alpha Bank. The amount is equivalent to a distribution of 20% of the 2023 profits and is subject to the relevant approval of the Annual General Meeting, including the share buyback component.

As already announced to the investing public, Alpha Holdings’ intention is to distribute half of the amount or €61 million in the form of a cash dividend, equivalent to €0.026 per share. The balance will be used for the share buyback process under the usual conditions and in accordance with the applicable legislation.

Alpha Bank notes that this decision comes as a result of the consistent implementation of its business plan, with its profitability reaching the level of 13.5% in the first quarter of 2024 and its equity (fully loaded CET1) at 16, 2%, taking into account the provision for dividend distribution and taking into account the benefits from the completion of pending transactions, as well as the full restoration of the resilience of its balance sheet.

The CEO of the Group Vassilis Psaltis, noted: “We are proud to return to our Bank’s long tradition of rewarding its Shareholders. The approval of the supervisory authorities for the resumption of the payment of dividends constitutes the sealing of the Bank’s full return to normality, after the outbreak of the financial crisis. To be able to achieve this goal required hard work, brave and difficult decisions, the commitment of all our employees and, of course, the unwavering support of Shareholders. I am confident that, with commitment to the implementation of our strategy, we will continue to increase dividend distributions, in full alignment with our business plan.”

National Bank: 322 million euros in cash

National Bank receives approval from the European Central Bank to distribute a cash dividend after a multi-year ban at the level of systemic banks.

National Bank announces that it received on 05.06.2024 the approval of the European Central Bank (“ECB”) for the dividend distribution

A total cash dividend of €332 million, or €0.36 per share, corresponding to a payout ratio of 30% of the 2023 Net Profits, will be given to its shareholders by National Bank.

The return to the distribution of dividends is a milestone development for National Bank, while it is a practical recognition of the strong balance sheet, the maintenance of profitability at high levels, as well as the continuous creation of capital of the Bank.

It is noted that the dividend distribution is subject to the proposal of the Board of Directors to the 2024 General Meeting of Shareholders and the receipt of the relevant approval.

Eurobank: Amount of 342 million euros

Eurobank announced that it received approval from the European Central Bank (ECB) on 5.6.2024 to pay a dividend to

Eurobank shareholders will receive a total amount of 342 million euros, or 0.0933 euros per share. It is noted that this amount corresponds to a distribution rate of 30% on the Net Profits of the year 2023.

As stated in a bank statement, this event is an important milestone as it marks the first dividend distribution after 16 years, underscoring the robustness and well-diversified operating model of Eurobank, which focuses on creating value for its shareholders.

The approval was granted following an application submitted by Eurobank, in the context of strong financial performance and the successful completion of strategic initiatives. The Common Equity Tier 1 Capital Ratio (CET 1 Capital Ratio), adjusted for the proposed dividend, stands at 16.4% as at 31 March 2024, significantly above regulatory requirements.

The final distribution of the dividend is subject to the proposal of the Board of Directors to the General Meeting of Shareholders and the approval of the General Meeting of Shareholders. The General Meeting of Shareholders will take place on 23.7.2024.

Piraeus Bank: At 79 million euros the total dividend

Piraeus Financial Holdings S.A. (“Piraeus” or “Company”) announces that following a relevant application it submitted to the Unified Supervisory Mechanism in April 2024, it received the necessary approval

Piraeus Bank will distribute €79 million in cash to its shareholders. Following the receipt of the supervisory approval and subject to the approval of the distribution by the Annual General Meeting of its Shareholders, which is scheduled to take place on June 28, 2024, the distribution to the Company’s shareholders is expected to be completed in July 2024.