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Greece's Alpha Bank swings to profit in Q3, bad debt provisions fall
November 30, 2016 / 3:26 PM / 10 months ago

Greece's Alpha Bank swings to profit in Q3, bad debt provisions fall

ATHENS, Nov 30 (Reuters) - Alpha Bank, Greece’s fourth-largest lender by assets, turned profitable in the third quarter after booking lower provisions for impaired loans.

Alpha, 11 percent owned by the country’s bank rescue fund HFSF after its recapitalisation late last year, reported a net profit of 41.2 million euros ($43.6 million) after a bottom line loss of 16.8 million euros in the second quarter.

The bank’s non-performing credit rose to 38.3 percent of its loan book at end-September from 37.8 percent at end of June.

Provisions for bad debt fell 26.5 percent quarter-on-quarter to 257 million euros from 349.7 million in the second quarter. ($1 = 0.9442 euros) (Reporting by George Georgiopoulos)

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