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Greek Alpha Bank's Q2 profit shrinks, hurt by sale of Serbian unit
August 31, 2017 / 2:29 PM / 3 months ago

Greek Alpha Bank's Q2 profit shrinks, hurt by sale of Serbian unit

ATHENS, Aug 31 (Reuters) - Greece’s fourth-largest lender by assets Alpha Bank reported sharply lower profit in April-to-June after taking a loss on the sale of its Serbian subsidiary, despite lower provisions for impaired loans.

Alpha, 11 percent owned by the country’s bank rescue fund HFSF, on Thursday reported net profit of 1.4 million euros, down from 48.1 million in the first quarter and broadly in line with market expectations.

The bank’s non-performing loans ratio was dropped to 37.6 percent of its book from 38.1 percent at the end of March.

Provisions for bad debt fell 12.2 percent quarter-on-quarter to 216.6 million euros from 247 million in the first quarter. (Reporting by George Georgiopoulos)

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