BUSINESS

Alpha Bank turns profitable in Q3

TAGS: Banking, Business

Alpha Bank, Greece’s fourth-largest lender by assets, turned profitable in the third quarter after booking lower provisions for impaired loans.

Alpha, 11 percent-owned by the country’s bank rescue fund HFSF after its recapitalization late last year, reported a net profit of 41.2 million euros after a bottom line loss of 16.8 million euros in the second quarter.

The bank’s nonperforming credit rose to 38.3 percent of its loan book at end-September from 37.8 percent at end of June.

Provisions for bad debt fell 26.5 percent quarter-on-quarter to 257 million euros from 349.7 million in the second quarter.

[Reuters]

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