Q2 2024 Alpha Services and Holdings SA Earnings Call Transcript
Key Points
- Alpha Services and Holdings SA (ALBKF) reported strong recurring earnings of EUR437 million for the first half of 2024, translating to a 13.6% return on tangible equity.
- The company achieved investment-grade status after 14 years, marking a significant milestone and external validation of its financial health.
- Alpha Services and Holdings SA (ALBKF) has shown robust growth in assets under management, with mutual funds increasing by 50% over the past year.
- The partnership with UniCredit is progressing well, with the merger of Romanian subsidiaries and the introduction of UniCredit mutual funds in the Greek market.
- The company has successfully reduced its non-performing exposure (NPE) ratio to 4.7%, already below the original guidance of 5% for the end of the year.
- Technical issues during the earnings call led to a portion of the CEO's presentation not being recorded.
- Loan growth in the wholesale segment is running at 6% year-over-year, which is less than the market growth, indicating a slower pace compared to peers.
- There is some spread pressure in the market, which could impact future profitability.
- The company is experiencing higher costs in retail and wholesale funding, impacting net interest income.
- Operating expenses have increased due to wage inflation and higher costs in IT and marketing, which could pressure future profitability.
Ladies and gentlemen, thank you for standing by. I am Gelli, your Chorus Call operator. Welcome, and thank you for joining the Alpha Services and Holdings conference call to present and discuss the first half 2024 financial results. Please be advised, due to technical issues, a portion of the presentation of the CEO Mr. Psaltis was not recorded. Mr. Iason Kepaptsoglou, Head of Investor Relations will read the missing portion of the presentation for your information.
At this time, I would like to turn the conference over to Alpha Services and Holdings management. Mr. Kepaptsoglou, gentlemen, you may now proceed.
Good morning, everyone. Thank you for joining this call. Apologies for the technical issue. Let's start with slide 4 please. In the first half of the year, we are proud to have delivered recurring earnings of EUR437 million, which translated to a 13.6% return on tangible equity, and EUR0.18 of earnings per share for our shareholders.
Our top line is
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