May 30, 2019 / 2:30 PM / 2 months ago

Greece's Alpha Bank swings to Q1 profit on lower bad loan provisions

ATHENS, May 30 (Reuters) - Alpha Bank turned profitable in January-to-March, helped by lower provisions for impaired loans and a drop in operating costs, Greece’s fourth-largest lender by assets said on Thursday.

Alpha, 11 percent owned by the country’s bank rescue fund HFSF, reported a net profit from continuing operations of 27.5 million euros ($30.58 million) after a net loss of 0.8 million euros in the last quarter of 2018.

The bank’s non-performing loans ratio dropped to 33% of its book from 33.5% at the end of December. Provisions for bad debt fell to 178.3 million euros from 669 million euros in last year’s fourth quarter. ($1 = 0.8994 euros) (Reporting by George Georgiopoulos)

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