Greece's Alpha Bank posts H1 profit, books deferred tax asset

ATHENS Thu Aug 28, 2014 10:31am EDT

ATHENS Aug 28 (Reuters) - Alpha Bank, Greece's fourth-largest lender by assets, on Thursday reported a net profit in the first half after booking a deferred tax asset.

Alpha posted a net profit of 267.4 million euros (352 million) after recognising a 422 million euro deferred tax asset in the second quarter.

Excluding the one-off tax benefit it lost 165.5 million in the first half, which was in line with market expectations. Analysts polled by Reuters had forecast a loss of 160 million euros on average.

The bank said non-performing credit rose to 33.6 percent of its loan book from 33.3 percent in the first quarter, while net interest income grew 27.8 percent year-on-year to 952 million euros, helped by lower funding costs. (1 US dollar = 0.7595 euro) (Reporting by George Georgiopoulos)