BUSINESS

Alpha posts net profit in 2016 despite Q4 slowdown

TAGS: Banking

Alpha Bank, Greece’s fourth largest lender by assets, was profitable in October-December for a second straight quarter as improved net interest income offset higher provisions for impaired loans.

Alpha, 11 percent owned by the country’s bank rescue fund HFSF, reported a net profit of 20.1 million euros, down from net earnings of 41.2 million in the third quarter.

For 2016 as a whole, the bank returned to profitability, posting net profit of 42.3 million euros after a loss of 1.37 billion in 2015.

The bank’s nonperforming loans ratio eased to 38.1 percent of its book at end-December from 38.3 percent at end-September.

Provisions for bad debt rose 18 percent quarter-on-quarter to 304 million euros from 258 million in the third quarter.

[Reuters]

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