ECONOMY

Alpha posts net profit in 2016 despite Q4 slowdown

Alpha posts net profit in 2016 despite Q4 slowdown

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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