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Greece's Alpha Bank posts Q1 loss broadly in line with estimates
May 29, 2014 / 2:26 PM / 3 years ago

Greece's Alpha Bank posts Q1 loss broadly in line with estimates

ATHENS, May 29 (Reuters) - Greece’s fourth-largest lender by assets Alpha Bank was loss-making in the first quarter as provisions for impaired loans weighed on its bottom line, offsetting a year-on-year improvement in net interest income.

Alpha posted a loss of 94.1 million euros ($128 million), at the low end of market expectations. Analysts polled by Reuters had forecast a loss of 107.6 million euros on average.

The bank said loan-loss provisions fell 22 percent year-on-year to 395 million euros with non-performing credit rising to 33.3 percent of its loan book, from 32.7 percent in the last quarter of 2013.

Net interest income rose 44 percent year-on-year to 471.3 million, helped by lower funding costs. (Reporting by George Georgiopoulos)

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