Alpha Bank says earnings totaled 153.5 mln euros in Jan-Sept

Alpha Bank on Thursdsay reported after tax earnings of 153.5 million euros in the January-September period, while including the impact of losses from interrupted activities after tax earnings totaled 85.1 million euros in the nine-month period. Pre-provision results totaled 931.8 million euros in the January-September period, up 4.8 pct from the same period last year.

Alpha Bank’s CEO, Demetrios P. Mantzounis commenting on the results said: “We continue to perform in line with our targets and strategic objectives, delivering a profitable performance for a fifth consecutive quarter as we managed to sustain our operational income, despite asset deleveraging and by maintaining tight control over our cost base. We are reducing NPEs in line with our plan and expect the reduction to accelerate in the coming quarters as the solutions implemented to materially de-risk our balance sheet, are bearing fruit. Our funding profile improved in Q3 with a further increase in our deposit base and reduction in costly ELA funding, while our sector-leading capital position at 17.8% supports the implementation of our business plan”.

In the third quarter of 2017, deposits totaled 33.9 billion euros, up 800 million from the previous quarter. Deposits in Greece grew 600 million euros on a quarterly basis to 28.5 billion, while in Southeastern Europe, deposits grew 100 million euros (quarterly). Eurosystem funding was reduced by 3.4 billion euros in the third quarter to 11.6 billion euros and by 6.8 billion euros in the nine-month period. ELA reliance stood at 7.3 billion euros at the end of November 2017, down 5.9 billion from the same month last year. The bank announced a strong capital position with Common Equity Tier 1 ratio (CET 1) at 17.8 pct. Operating Expenses for the nine-month period reached 848.6 million euros, down by 2.5 pct y-o-y and in line with target set of Euro 1.1 billion for the year 2017. In Greece, NPLs were down by 0.3 billion euros (quarterly) and NPEs down by 0.2 billion.