Alpha Bank’s Albanian unit reports 19% y/y fall in pre-tax profit in Jan-Sep.

By bne IntelliNews November 24, 2010
The Albanian subsidiary of the Greek Alpha Bank posted a pre-tax profit of EUR 6.4mn (ALL 888.2mn) in Jan-Sep, down by 19% y/y, the bank said. This deterioration was on the back of a 9.9% y/y rise in operating expenditures and a 0.6% y/y decline in operating income. In addition, weakening profitability reflected higher impairment losses on its loan portfolio as well, which increased by 25.7% y/y. The non-performing loans ratio picked up by 5pps to 8.1% in total loan portfolio (EUR 516mn) in Q3. Lending narrowed by 3.5% y/y in Jan-Sep, as mortgages dropped by 8% y/y and business loans declined by 3.3% y/y. On the other hand, deposits increased by 10.4% y/y to EUR 425mn.

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