Alpha profit tumbles in Q2 while National posts net loss

National Bank, Greece’s second-biggest lender by assets, swung to losses in the second half of the year, while Alpha, Greece’s fourth-largest, reported sharply lower profit in April-to-June after taking a loss on the sale of its Serbian subsidiary, despite lower provisions for impaired loans. National turned loss-making in April-to-June as trading losses offset a decline in bad debt provisions. NBG, 40 percent owned by the country’s bank rescue fund HFSF, yesterday reported a net loss from continued operations of 52 million euros versus a net loss of 8.0 million euros in the first quarter. NBG said loan impairments fell 14 percent to 200 million euros while its stock of nonperforming exposures (NPEs) shrank by 300 million euros quarter- on-quarter. Its NPE ratio settled at 45 percent. Alpha, 11 percent owned by HFSF, reported net profit of 1.4 million euros, down from 48.1 million in Q1 and broadly in line with market expectations. The bank’s nonperforming loans ratio dropped to 37.6 percent of its book from 38.1 percent at the end of March. Provisions for bad debt fell 12.2 percent quarter-on-quarter to 216.6 million euros from 247 million in the first quarter. planned to start the process last month. “We have decided to resort to arbitration to stop the tug of war which has been going on for many years and have things cleared up,” Energy Minister Giorgos Stathakis told Greek state television. Stathakis said the arbitration process will begin on September 15 and will last three months. Eldorado is developing the Skouries and Olympias projects in northern Greece, where it also operates the Stratoni mine. Skouries has been a particular flash point with the authorities, with differences lasting for years over testing methods applied to comply with environmental regulations. combination of lower crude prices and rising fuel prices lifted its margins. The company said it also benefited from a rebound in tourism, which pushed up demand for aviation fuel, and from strong demand for bunker fuel. Sales rose 19 percent in Q2 to 2 billion euros.