Alpha Bank's quarterly profit jumps 37% on strong interest income
Adds details of results, background
ATHENS, May 16 (Reuters) -Greece's Alpha Bank ACBr.AT, the country's fourth-largest lender by market value, reported on Thursday a 37% rise in first-quarter net profit on higher net interest income and lower provisions for bad loans.
Alpha Bank, of which Italian bank UniCredit CRDI.MI controls 9%, reported normalised net earnings of 221.6 million euros ($241.10 million) versus 162 million euros in the first quarter of 2023.
Net interest income grew 9.6% year-on-year in the first three months of the year to 420.2 million euros, driven by higher rates in the eurozone and increased lending.
Net interest margin rose to 2.3% from 2.1% in the first quarter of 2023.
The company's loan-loss provisions reduced to 63 million euros in the first quarter from 74 million euros in the same period last year, with the non-performing loan exposure ratio (NPE) falling to 6% of the total loan portfolio from 7.6%.
It plans to reduce this ratio to under 4% by 2025.
Greek banks have been working to reduce a pile of non-performing credit, the legacy of a decade-long financial crisis that shrank the economy by a quarter.
($1 = 0.9191 euros)
Reporting by Lefteris Papadimas; Editing by Christian Schmollinger and Muralikumar Anantharaman
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