The Athens Stock Exchange is becoming more and more bank-centric, which is also reflected in the new, increased weighting factors in the FTSE indices.
At the moment, the cumulative capitalization of the six listed banks (four systemic + Bank of Cyprus and Optima Bank) exceeds 25 billion euros, making up 1/4 of the total “wealth” of the market.
A percentage, which is expected to increase further after the “return” of Attica Bank, which is awaiting the crucial share capital increase.
Performances that show resilience
Despite the fact that the sector index is at least -10% away from this year’s “peaks”, bank shares are still offering significant returns to investors, while remaining at the highest levels of the last nine years.
The average gain exceeds +15% since the beginning of the year, outperforming the General Index, which offers an average return of 10%.
However, the domestic banks have significant room for improvement, as the valuation indicators demonstrate.
National Bank – Eurobank – Piraeus
National Bank successfully completed the placement for a 10% stake held by the Hellenic Financial Stability Fund (HFSF), while the stock has gained at least +22% since the beginning of this year, although it is still -12% lower than the “peaks” of 8.6 euros. As a result, the bank’s valuation is close to 7 billion euros.
The Eurobank share has been strengthened by +23% in 2024, with the capitalization exceeding 7.2 billion euros, while the Piraeus share, although persistently kept below 4 euros, records a performance of +17% (valuation 4.6 billion euros).
Alpha – Cyprus – Optima
Alpha Bank’s share has recorded losses of 3% on a year-to-date basis, seeing its market value “fall” below 3.5 billion euros.
As for Bank of Cyprus, which made its debut on the Athens stock exchange a few days ago, it is valued at 2.1 billion euros.
Finally, Optima Bank’s share figures are close to the highest levels (13 euros), recording an impressive rally of almost +65% in 2024 and securing a value of more than 950 million euros.
The market value of listed banks
- Eurobank 7.2 billion euros
- National Bank 6.9 billion euros
- Piraeus 4.6 billion euros
- Alpha 3.4 billion euros
- Cyprus 2.1 billion euros
- Optima 951 million euros
TOTAL: >25 billion euros
