ECONOMY

Alpha Bank posts Q1 profit on Emporiki goodwill

Greece’s third-largest lender Alpha Bank on Friday posted net first quarter profit of 2.88 billion euros ($3.75 billion), booking goodwill on its acquisition of Emporiki Bank from Credit Agricole.

Excluding the one-off goodwill inclusion, the bank’s profit came to 244 million euros from a loss of 82.5 million in the same period in 2012.

Alpha said provisions for loan impairments rose to 505 million euros.

[Reuters]