Alpha posts higher quarterly profit on interest takings

Alpha Bank, Greece’s third-largest lender by market value, on Monday posted a 24% rise in first-quarter net profit on higher interest income.

Alpha Bank, which is 9% owned by Greece’s HFSF bank rescue fund, said net profit came in at 162 million euros, up from €131 million in the first quarter last year.

A series of interest rate increases by the European Central Bank since last summer have boosted net interest income, which rose by an annual 50.7% in January to March to €423.6 million.

Chief Executive Officer Vassilis Psaltis said the start of the year was particularly strong and helped the bank to strengthen its capital base.

“At the end of the first quarter, our CET1 capital was at 12.8% and our total capital ratio at 17%,” Psaltis said in a statement.

He commented that Alpha Bank remained “firmly focused” on resuming dividend payments from 2023 onward.

Nonperforming exposure ratio declined to 7.6% of the total loan book in March, from 7.8% in December, Alpha said. [Reuters]