Greece's Alpha Bank posts higher 9-month profit on lower provisions, strong income (updated)

Alpha Bank SA

08/11/2024 06:54

(Adds CEO quote, more results)
       ATHENS, Nov 8 (Reuters) - Alpha Bank  ACBr.AT , Greece's
fourth-largest lender by market value, reported higher net
earnings in the January-September period compared to the same
period in 2023, on lower provisions and strong interest and fee
income.
    The company, in which Italian bank UniCredit  CRDI.MI  holds
a 9% stake, reported normalised net earnings of 665.8 million
euros ($717.93 million) versus a net profit of 571.7 million
euros last year.
    Net interest income grew 2% year-on-year in the first nine
months of the year to 1.243 billion euros, driven by increased
lending and higher rates.
    Greek lenders have been stabilising after three rounds of
recapitalisations and a round of nationalisation after the
country was rocked by a financial meltdown in late 2009.
        Having cut bad loan ratios, reduced state ownership and
returned to profit, the lenders received European Central Bank
approval this year to resume dividend payments for the first
time in 16 years.
    Alpha Bank CEO Vassilios Psaltis raised guidance for 2024
earnings per share to 0.34 euros from 0.33 euros.
    The company's non-performing loan exposure ratio (NPE)
dropped to 4.6% of the total loan portfolio from 7.2% at the end
of September 2023.
    The lender plans to reduce this ratio to under 4% by 2025.
    Fees rose by 11.3% year-on-year to 306 million euros.

($1 = 0.9274 euros)

 (Reporting by Lefteris Papadimas; Editing by Janane
Venkatraman)
 ((lefteris.papadimas@thomsonreuters.com; +30 6944 248134;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))