Al­pha Bank losses drop in 1H

Financial Mirror (Cyprus) - - FRONT PAGE -

Al­pha Bank Cyprus Ltd, a wholly owned sub­sidiary of the Greek bank, said it re­duced its af­ter tax loss of EUR 15.1 mln in the first half of the year com­pared to a net loss of EUR 31.7 mln in the same pe­riod last year.

The drop in net losses re­sulted from a 52% drop in pro­vi­sions for loan i mpair­ments to EUR 34.3 mln off­set­ting a 29% an­nual drop in over­all rev­enue to EUR 45.4 mln in Jan­uary to June.

Over­all ex­pen­di­ture fell 3.9% to EUR 24.6 mln while de­posits stood at EUR 1.9 bln, 8.6% be­low the re­spec­tive 2014 fig­ure of EUR 2.2 bln.

Loan in ar­rears (NPLs) stood at EUR 1.7 bln or 58.7% of the bank’s loan­book, adding that the ex­po­sure drops to 55.8% when the port­fo­lio of Em­po­riki Bank Cyprus Ltd is taken into ac­count.

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