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Alpha Bank: Net Loss Of 41.9 Million In Q311

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Alpha Bank reported net losses of €41.9 million in the third quarter of 2011. 

In a statement, the bank said that net interest income amounted to €451.3 million, while impairments stood at €295 million against estimates of €291 million.

Net interest income was at €1,330.6 million, 3.1% lower year-on-year as our loan volumes decreased by 4.1% on a yearly basis.

Net Interest Margin rose by 10bps quarter-on-quarter to 2.9%, on the back of our continued asset repricing.

On track with the implementation of cost reduction programme, operating expenses decreased by 2.4% quarter-on-quarter and 2.6% year-on-year with cost to income ratio down by 240 bps to 48.1%.

Pre-provision income rose by 7.5% year-on-year reaching €898.5 million vs €836.2 million in 9M 2010.

Net profit at € 41.6 million after loan loss provisions amounted to €827.4 million, implying a cost of risk of 218 bps.

Yannis S. Costopoulos, Chairman, stated:

“We have led the way for the consolidation in the Greek banking sector, combining the two largest private banks in Greece, in order to craft one of the top 25 largest banking groups in the Euro-area. With our combination with Eurobank, we reinforce the banking system, we attract foreign investment and we build the capacity to provide the much needed stimulus to our economy. Following the wide acceptance it has received by all stakeholders, we are confident that our joining forces with Eurobank is the appropriate choice to navigate on this very challenging period”.
Demetrios P. Mantzounis, Managing Director – CEO, commented: 

“Our solid operating performance in the third quarter of 2011, confirms our Group’s ability to perform on an uncertain economic and financial environment. Our focus to preserve the value of our franchise and to implement strictly our cost reduction programme is driving our well targeted delivery. Our next bold step is to embark on our operational integration with Eurobank and we are well equipped to execute this timely, minimising the risks and maximising the value for our shareholders”.

*The full press release is attached.

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