Alpha Bank, Greece’s largest private sector
bank, has reported a slump in group pre-tax profits for the nine
months to 30 September, down 55.9% to €191.9m ($256.7m) as rising
provisions hammered earnings.
In the third quarter, provisions increased by
31% from a year ago to €223.1m.
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Third quarter pre-tax profits, the lowest of
fiscal 2010 to date at €51.2m, fell by 60.5% from the year ago
quarter, but were ahead of analyst forecasts.
Pre-tax profits at Alpha’s retail division for
the first three quarters also fell, by 31% to €70.9m.
At the end of the third quarter deposits were
also down, by 4.9% from a year ago to €39.9bn.
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