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ACBD - Alpha Bank SA News Story

$1.7 0.0  0.0%

Last Trade - 24/10/12

Mid Cap
Market Cap £1.33bn
Enterprise Value £-3.75bn
Revenue £2.11bn
Position in Universe th / 1807

UPDATE 1-Alpha Bank Q3 profit falls, eyes completion of Galaxy sale in Q1 2021

Wed 25th November, 2020 4:41pm
(Adds details, CEO comment)
    ATHENS, Nov 25 (Reuters) - Alpha Bank  ACBr.AT , one of
Greece's four largest banks, on Wednesday reported a drop in
third quarter profit compared to the previous quarter on weaker
net interest income.
    Alpha, 11 percent owned by the country's bank rescue fund
HFSF, reported a net profit from continued operations of 43.8
million euros ($52.20 million) versus 97.5 million euros in the
second quarter.
    Alpha is in the process of securitising 10.8 billion euros
of impaired loans and selling its loan servicing unit Cepal, a
project named Galaxy.
    Shedding these legacy loans will relieve its balance sheet,
reducing its non-performing loans (NPLs) in Greece to 13% of
total loans, while its ratio of non-performing exposures (NPEs)
will fall to 24%, it said.
    "Despite a most challenging environment, we received two
binding offers from international high-quality investors and we
selected a preferred bidder, with a view to sign our transaction
within the year," CEO Vassilis Psaltis said in a statement.
    The bank has picked Davidson Kempner European Partners as
the preferred bidder and expects to complete the transaction
within the first quarter of 2021.*:nL1N2I62SO
    Alpha Bank said it had outstanding loans of 4.2 billion
euros in Greece under repayment moratoria.
    It said net interest income dropped 2% quarter-on-quarter to
381.8 million euros in July-September, affected by lower income
from loans, the sale of its Neptune portfolio and lower business
loan balances.
    Net fee and commission income rose 9.5% versus the second
quarter to 84.8 million euros, mainly due to the improved
performance of its card business.    
($1 = 0.8391 euros)

 (Reporting by George Georgiopoulos; Editing by Kirsten Donovan)
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