ECONOMY

Alpha profits slump in the first quarter

alpha-profits-slump-in-the-first-quarter

Alpha Bank, Greece’s fourth largest lender, on Thursday reported reported a drop in profit in the first quarter, hurt by lower trading gains and a fall in net interest income.

Its net profit from continuing operations was 27.5 million euros, down from 65.4 million euros in the same period a year earlier.

It posted a net loss of 800,000 euros in the last quarter of 2018.

The lender, 11 percent owned by the country’s bank rescue fund HFSF, said provisions for bad debt fell to 178.3 million euros from 336 million euros in the same period a year earlier and 669 million euros in the fourth quarter.

Greek banks are working to reduce their bad debts and meet targets on so-called nonperforming exposures (NPEs) agreed with European Central Bank regulators.

Alpha’s nonperforming loans ratio dropped to 33 percent of its book from 33.5 percent at the end of December.

[Reuters]