Alpha Bank Albania swings to loss in Jan-Sept on lower revenue.

By bne IntelliNews December 1, 2011
The Albanian subsidiary of Greek Alpha Bank posted a pre-tax loss of EUR 10.4mn in the first nine months of 2011 versus a EUR 6.4mn profit a year ago, the Greek bank said in a statement. The deterioration resulted from a 40.2% y/y drop in operating income that fell to EUR 11.6mn and higher provisions for impairment losses, amounting to EUR 11.2mn. The bank managed to cut operating expenses by 3.8% y/y to EUR 10.8mn. The non-performing loans ratio rose by 2.2pps y/y to 10.3% as of end-September but in Q3 2011 alone, it dropped by 0.3pps q/q. Lending decreased by 21.4% y/y to EUR 406mn, with business loans declining by 24.6% y/y to EUR 285mn and mortgages down by 11.1% y/y to EUR 113mn. Consequently, the bank's share on the loan market fell to 10.7% as of end- September 2011 from 14.7% a year ago. Deposits at the bank increased by 6.7% y/y to EUR 454mn. Alpha Bank Albania has 378 employees and operates a network of 45 branches throughout the country. Earlier this year Alpha Bank approved a merger with EFG Eurobank, Greece's second-largest lender by assets.
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