March 20, 2018 / 3:28 PM / 3 months ago

Greece's Alpha Bank swings to Q4 loss on voluntary redundancy costs

ATHENS, March 20 (Reuters) - Greece’s fourth-largest lender by assets Alpha Bank was loss-making in October-to-December after booking extraordinary costs related to a voluntary retirement plan and fixed asset impairments, it said on Tuesday.

Alpha, 11 percent owned by the country’s bank rescue fund HFSF, reported a net loss from continuing operations of 64 million euros ($78.6 million) after net profit of 35.6 million euros in the third quarter.

The bank booked the cost of a voluntary separation scheme of 92.7 million euros and a 76.1 million euros annual fixed asset impairment charge in the fourth quarter.

Alpha’s non-performing loans ratio edged lower to 34.9 percent of its book from 37.3 percent at the end of September.

Provisions for bad debt fell 18.3 percent quarter-on-quarter to 244 million euros from 298 million euros in the third quarter. (Reporting by George Georgiopoulos)

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