![Alpha Bank CEO: Positive performance means upgrade of profitability outlook for 2022 to 7%, from 6%](https://www.ot.gr/wp-content/uploads/2022/08/Alpha-Bank-1.jpg)
Greece-based lender Alpha Bank on Tuesday reported a 9.1-percent annual increase in recurring after-tax profitability in the first nine months of 2022, while also achieving a 9-percent increase in its portfolio of serviced loans, along with a reduction in the arrears ratio to 8 percent.
The performance is attributed to a strengthening of income from net interest and commissions, as a result of what the bank called a strong credit expansion and a tightening of the ECB’s monetary policy, along with a reduction in operating costs and lower provisions for credit risk.
Alpha Bank also reported net earnings of 92.7 million euros, versus a net profit of 117.3 million euros in the second quarter, and Jan-Sep 2022 net earnings of 335.4 million euros, compared to a loss of 2.498 billion in the corresponding period a year earlier.
«This strong performance allows us to upgrade our profitability outlook for 2022 to 7 percent (from 6 percent)… Net interest income increased by 12 percent quarter-on-quarter, to a large extent driven by loan growth», Alpha Bank CEO Vassilis Psaltis said.
With the Greek economy forecast to growth by 2 percent next year, above the EU average, the outlook for the ATHEX-listed bank is «equally positive», he added.
According to Reuters, Alpha’s «loan growth and a positive impact from higher interest rates helped Alpha increase its net interest income by 12 percent to 339 million euros in the third quarter. Net fee and commission income fell 6.2 percent quarter-on-quarter to 92.9 million euros».
Alpha bank is Greece’s third-largest lender by market value, and third in terms of the four systemic banks in the country. Currently, 9 percent of its share capital is owned by the Hellenic Financial Stability Fund (HFSF), the special purpose vehicle established to stabilize the Greek banking sector during the bailout crises.
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