Greece-based Alpha Bank AE reported a first-quarter after-tax profit attributable to shareholders of €27.5 million, down from a restated €65.4 million a year earlier.
Net interest income for the period slipped to €388.4 million from €443.8 million a year ago, while net fee and commission declined to €70.2 million from €83.2 million. Income from financial operations also declined on a yearly basis to €73.8 million from €186.1 million.
Impairment losses on loans narrowed year over year to €178.3 million from €335.8 million. General expenses fell to €110.0 million from €124.7 million over the same period.
The first-quarter net interest margin was 2.5%, compared to 3.0% a year ago. Recurring cost-to-income ratio stood at 54.7% in the period, up from 49.7% a year earlier.
Alpha Bank's transitional common equity Tier 1 ratio was 17.0% at the end of March, compared to 17.4% at 2018-end and 18.4% a year ago, while group nonperforming exposures ratio was 48.9% at the end of March. Its fully loaded Basel III CET1 ratio was stable quarter over quarter at 14%.
Comparable 2018 figures were restated due to a reclassification of expenses paid to Visa, Mastercard and Diners to net fee and commission income from general expenses, the bank noted.