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Greek Alpha Bank's Q3 profit shrinks as bad debt provisions rise
November 30, 2017 / 3:28 PM / 11 days ago

Greek Alpha Bank's Q3 profit shrinks as bad debt provisions rise

ATHENS, Nov 30 (Reuters) - Greece’s fourth-largest lender by assets Alpha Bank reported lower profit in July-to-September compared to the previous quarter as provisions for impaired loans rose.

Alpha, 11 percent owned by the country’s bank rescue fund HFSF, on Thursday reported net profit from continuing operations of 35.6 million euros ($42.40 million), down from 70.7 million in the second quarter.

The bank’s non-performing loans ratio edged lower to 37.3 percent of its book from 37.6 percent at the end of June.

Provisions for bad debt rose 38 percent quarter-on-quarter to 298 million euros from 217 million in the second quarter. (Reporting by George Georgiopoulos and Lefteris Papadimas)

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