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Higher impairment losses drive Alpha Bank's Q3 profit down 13.5% YOY

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Higher impairment losses drive Alpha Bank's Q3 profit down 13.5% YOY

Alpha Bank AE reported third-quarter consolidated after-tax profit attributable to equity owners of the bank of €35.5 million, down 13.5% from €41.1 million a year earlier.

Third-quarter EPS stood at 2 cents, compared to 3 cents in the year-ago period.

Net interest income for the quarter amounted to €486.9 million, up from €481.2 million a year earlier. Net fee and commission income decreased year over year to €79.3 million from €81.1 million, while income from financial operations surged to €75.2 million from €9.1 million.

The Greek lender booked impairment losses of €298.3 million for the third quarter, up from the year-ago €258.2 million.

Alpha Bank's third-quarter net interest margin stood at 3.1%, compared to 2.9% a year earlier.

For the first nine months of 2017, attributable profit rose on a yearly basis to €85.1 million from €22.0 million. Net interest income for the period amounted to €1.46 billion, compared to €1.43 billion in the first nine months of 2016.

As of Sept. 30, the bank's common equity Tier 1 ratio stood at 17.8%, compared to 17.9% at the end of June and 17.1% at Dec. 31, 2016.

"We continue to perform in line with our targets and strategic objectives, delivering a profitable performance for a fifth consecutive quarter as we managed to sustain our operational income, despite asset deleveraging and by maintaining tight control over our cost base," CEO Demetrios Mantzounis said.