GS positive on Greek banks on growth, dividend prospects
** Goldman Sachs says it remains constructive on Greek banks, noting continuous growth in 2023 results and solid medium-term outlooks
** For 2023, Greek banks posted average profit growth of 14%, CET1 ratio of 15.6% and NPE ratio of around 4% at a coverage of 66%, GS says
** "These metrics are now within a range of 'normal' average levels for banks in Emerging Markets and Europe," it says
** After a decade-long pause in dividend distributions, Greek banks plan to pay the first dividend for FY 2023, which GS expects to be declared in Q2 2024
** It upgrades Eurobank EURBr.AT to "buy" from "neutral", saying it is on track for 2025-2026 targets
** It keeps "buy" on Piraeus Bank BOPr.AT and National Bank of Greece NBGr.AT, saying both are undervalued
** It downgrades Alpha ACBr.AT to "neutral" from "buy" and cuts PT to 1.95 euros from 2.11 euros
** FTSE/Athex Greek Banks Indice .FTATBNK is up 9.78% YTD
Reporting by Antonis Triantafyllou
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