Greek banks poised for earnings upgrades after strong Q2 performance

Jefferies projects a robust second quarter for Greece's banking sector, keeping a buy rating for systemic banks and leaving open the prospect of upgrading 2026 targets. The firm highlights strong net interest earnings, swift credit expansion, resilient fees and solid asset quality as drivers of continued profitability.

Morgan Stanley, Goldman Sachs and Jefferies likewise see scope for guidance upgrades, noting faster loan growth (about 40% month‑on‑month in April‑May), higher net interest income and rising fee revenues. They point to Piraeus Bank and Eurobank as the most likely candidates for positive surprises, while Alpha Bank's fee outlook and Credia Bank's revenue growth also merit attention. The next wave of earnings reports is scheduled from late July through early August for the major Greek banks.