Alpha Bank reports 48.1 mln euros profits in Q1

Alpha Bank on Wednesday announced after tax profits of 48.1 million euros in the first quarter of 2017, helped by lower bad debt provisions and high operating profits. Pre-provision results grew 4.6 pct in the January-March period compared with the same period in 2016, or by 1.2 pct on a quarterly basis to 305.1 million euros.

Operating expenses fell 7.2 pct to 279 million euros, while loans after accumulated provisions totaled 44.2 billion euros, down from 45.8 billion last year. The CET1 ratio was 17.3 pct at the end of March, while deposits amounted to 33.1 billion euros, up from 32.9 billion at the end of December 2016. In Greece, deposits totaled 28.1 billion euros, unchanged from the previous quarter, while borrowing through the Eurosystem fell to 17 billion euros in March, down 1.3 billion from December 2016. The NPLs ratio was 38.1 pct at the end of March, while the NPLs coverage rate was 69 pct.

P.Mantzounis, the bank’s CEO, commenting on the results said the bank reported profits in the first quarter despite a continuing deleverage of its balance sheet, helped by strong operating profits and managed to further strengthen in capital base and lower its borrowing from the European Central Bank.