Alpha Bank on Thursday reported after tax earnings of 53.4 million euros in the January-September period.
The bank’s CEO, Demetrios P. Mantzounis commenting on the results stated: ?We continue to make progress in de-risking the balance sheet by further reducing NPEs, while we are expanding the restructuring solutions offered from our network to borrowers. Our liquidity profile continues to improve with increasing deposits and reduced reliance on ELA, while our capital position remains the strongest amongst Greek banks. Operational performance has been resilient, supported by strong gains from our bond portfolio, despite pressure on NII arising from lower interest revenues as we continue to deleverage. We remain focused on improving the profitability of the Group, which is still affected from an elevated level of impairments and enhancing value for our Shareholders?.
More specifically, sector leading capital position with Common Equity Tier 1 ratio (CET 1) at 18.3% while Tangible Book Value was at 7.8 billion euros in the nine-month period. The bank reported continued progress on Asset Quality with NPEs declining by 4.4 billion euros and NPLs down 3.6 billion in Greece y-o-y. The NPE ratio in Greece at the end of September 2018 stood at 49.5% vs. 53.7% in September 2017. Liquidity position continued to improve with Group deposits up by 1.5 billion euros on a quarterly basis, to 38.6 billion euros at the end of September 2018. Deposits in Greece up by a further 0.4 billion euros. Loan to Deposit ratio for the Group reduced further to 106% in September 2018 vs. 129% a year ago. Significant reduction in Eurosystem funding, down by 6.3 billion euros so far this year. In November 2018, liquidity drawn from ECB maintained at 3.1 billion euros, while ELA further reduced to 0.8 billion from 8.4 billion at the end of Q3 2017. NII at Euro 1,329.4 million, down 9.1% y-o-y, mainly due to a lower contribution from loans. Income from financial operations in Q3 2018 of Euro 134.8 million, primarily attributed to realisation of gains from our Greek Government Bonds portfolio. Total income from financial operations for the nine-month period of 2018 stood at 398.4 million euros. Profit Before Tax was 163.4 million euros in the January-September period. Income Tax for the Group stood at 110.1 million in 9M 2018, driven by higher taxable profits. - Profit After Tax at 53.4 million euros vs. 85.1 million in 2017.