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Greece's Alpha Bank posts 2013 profit on accounting gain
March 10, 2014 / 3:27 PM / in 4 years

Greece's Alpha Bank posts 2013 profit on accounting gain

ATHENS, March 10 (Reuters) - Alpha Bank, Greece’s fourth-largest lender by assets, reported a profit in 2013, thanks to an accounting gain on its acquisition of Emporiki Bank, but without the one-off it was loss-making as provisions for bad debt weighed.

Including a 3.3 billion euro goodwill write-back on Emporiki that was booked in the first quarter, Alpha posted a net profit of 2.92 billion euros ($4.05 billion).

Excluding the write-back, the bank lost 304 million euros last year versus a loss of 1.087 billion in 2012.

Provisions for loan impairments rose 15.4 percent year-on-year in 2013 to 1.92 billion euros, the bank said on Monday. (Reporting by George Georgiopoulos, editing by Renee Maltezou)

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