May 31, 2018 / 2:32 PM / 20 days ago

Alpha Bank swings to profit in Q1 on strong trading income

ATHENS, May 31 (Reuters) - Alpha Bank turned profitable in January-to-March as strong trading gains offset a rise in provisions for loan impairments, Greece’s fourth-largest lender by assets said on Thursday.

Alpha, 11 percent owned by the country’s bank rescue fund HFSF, reported a net profit from continuing operations of 65.2 million euros ($76.06 million) after a net loss of 64 million euros in the fourth quarter of 2017.

The bank’s non-performing loans ratio edged higher to 35.2 percent of its book from 34.9 percent at the end of December.

Provisions for bad debt jumped 38 percent quarter-on-quarter to 336 million euros from 244 million euros in last year’s fourth quarter. ($1 = 0.8572 euros) (Reporting by George Georgiopoulos)

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