Alpha Bank reports higher H1 profits on back of strong interest income

Alpha Bank, the fourth-largest lender of Greece’s four systemic bans in terms of market value, on Wednesday reported higher net earnings in the first half of the year, compared to the corresponding period of 2022.

Alpha Bank said the higher results were based on strong net interest income.

The Greek banking group reported net earnings of 302.6 million euros, compared to a net profit of 238.6 million euros in H1 2023.

Interest rate hikes by the ECB also spiked Alpha Bank’s net interest income, which increased on an annual basis by 48.5 percent or 863.7 million euros in absolute terms.

Alpha Bank’s NPE ratio eased to 7.6 percent of total loan portfolio by the end of June 2023, down from 8.2 percent compared to H1 2022.