Get ready for a strong correction - Mediocre bank results, pressure also in the 4th quarter - The decline in Metlen is ending

The results of the Greek banks simply peaked, and especially in the 9-month period of 2025, they were mediocre.
Let us recall that National Bank achieved profits of 970 million euros in the 9-month period of 2025 (3rd quarter 274 million compared to 326 million in the 2nd quarter), with tangible equity amounting to 8.31 billion euros.
The results of Eurobank amounted to 1.033 billion euros in the 9-month period of 2025, with the return on tangible equity decreasing also due to acquisitions, e.g., of Eurolife.
The results were affected by the reduction in interest income, as ECB interest rates are decreasing.
Especially in the 4th quarter of 2025, Greek banks will incur extra expenses such as provisions, employee costs, extraordinary measures, e.g., related to the Swiss franc…
Based on this reasoning, we estimate that a correction is coming in bank shares of –15%, which could worsen since a correction is also expected in Wall Street, where many stocks are extreme bubbles with P/E 150, while Greek banks have P/E 10…
Bank investors should take into account that a decision has been made to load the 2025 balance sheets with burdens so that 2026 will be more liberated from negative surprises…

The decline in Metlen is ending

The Metlen share at 43 euros and total capitalization at 6.5 billion euros was affected both by short positions and by the expected decision for it to exit the MSCI Standard Greece Index, since it is included in the FTSE 100 in London.
The pressure on the stock will decrease from now on, this is the main assessment.

Comparison of Credia with Optima bank

Optima Bank remains an extreme bubble in the Athens Stock Exchange, with P/BV 1.71 billion divided by 640 million tangible equity, 2.6, which is something extremely problematic.
Credia Bank, with a market capitalization of 2.38 billion euros versus 1.26 billion euros in equity, shows a P/BV valuation of 1.88, which is indeed expensive but more realistic compared to Optima Bank.
The valuation of Optima Bank must deflate by at least 50% to be realistic, while Credia must deflate by –25%…

Conclusion

Get ready for a correction of stocks on the Athens Stock Exchange - every day that passes will become more dangerous - be certain of that.

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