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Greece's Alpha Bank swings to Q2 profit from year-ago loss

Alpha Bank AE's net profit attributable to shareholders came in at €59.4 million in the second quarter, compared to a loss of €52.8 million in the same period in 2018.

Net interest income stood at €388.6 million in the period, compared to €459.0 million a year ago, while net fee and commission income fell on a yearly basis to €81.2 million from €83.5 million. Income from financial operations totaled €123.7 million in the quarter, versus €77.5 million a year ago.

The Greek lender's total operating expenses grew on a yearly basis to €281.7 million from €279.4 million. Impairment losses on loans were €246.0 million in the period, down from €348.7 million a year earlier.

For the first half, Alpha Bank reported a profit attributable to shareholders of €86.8 million, up from €12.7 million in the same period in 2018.

Alpha Bank's second-quarter net interest margin was 2.5%, down from 3.1% in the year-ago period. The group's nonperforming loan ratio was 32.7% at the end of June, compared to 35.6% a year ago.

As of June-end, the bank's Basel III phased-in common equity Tier 1 ratio stood at 17.8%, up 80 basis points from 17.0% at the end of March. The bank said the improvement was mainly driven by the improving valuation of its Greek government bonds portfolio. On a fully loaded basis, the CET1 ratio was 14.8% as of June-end.

The lender noted that comparable 2018 figures were restated.