Greece's Alpha Bank reports €94.1m Q1 loss

GMT 17:03 2014 Thursday ,29 May

Arab Today, arab today Greece's Alpha Bank reports €94.1m Q1 loss

Athens - AFP

Greece's fourth-biggest bank Alpha Bank announced on Thursday a first-quarter net loss of 94.1 million euros ($128 million) as its longterm chairman stepped down.
The Greek debt crisis hit Greek banks from several directions, and they are fighting to strengthen their balance sheets and overall health, as the economy shows signs of pulling slowly away from long and deep recession.
The bank said it had set aside loan loss provisions of 395 million euros from 449 million in the previous quarter.
Net interest income rose 43.8 percent to 471.3 million.
Alpha Bank said "operating profitability had improved on the back of reduced funding costs and higher operating efficiency."
In March, Alpha Bank raised 1.2 billion euros in a capital increase mandated by the central Bank for Greece's top four lenders, following a state debt writedown in 2012.
The first-quarter results were released as bank chairman Yannis Costopoulos, 76, stepped down after 30 years at the helm.
The bank said that 67-year-old economist Vassilis Rapanos, a former non-executive chairman at top Greek lender National Bank, would replace Costopoulos.
Rapanos had been tipped to become Greek finance minister two years ago but had to decline owing to ill health.

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