Latest news with #VassiliosPsaltis
Reuters
01-08-2025
- Business
- Reuters
Alpha Bank's H1 profit up on strong fee income, credit expansion
ATHENS, Aug 1 (Reuters) - Greece's Alpha Bank ( opens new tab reported higher net earnings for the first half of the year on Friday, backed by strong fee income and credit expansion. The country's fourth-largest by market value, in which Italian bank UniCredit ( opens new tab has a 20% stake, reported normalised net earnings of 459.9 million euros ($525.2 million) versus 436.7 million euros in the first six months of 2024. Net fee income rose by 16.4% year-on-year to 229 million euros in January to June period. The bank's non-performing loan ratio fell to 3.4% at the end of June, from 3.7% in 2024. The bank's chief executive officer, Vassilios Psaltis, said that the results are in line with Alpha's strategic plan. "We sustained strong commercial momentum, with 0.9 billion euros in net credit expansion, 0.9 billion euros increase in deposits and 0.5 billion euros in net sales," Psaltis said in a press release. Alpha Bank, which acquired the small Astro Bank and the asset management company Axia Venture, reported net interest income of 794.7 million euros, down 4.6% year-on-year.
Reuters
28-02-2025
- Business
- Reuters
Alpha Bank posts higher 2024 profit, upgrades guidance
ATHENS, Feb 28 (Reuters) - Alpha Bank ( opens new tab, Greece's fourth largest bank by market value, upgraded its profit guidance on Friday after reporting a strong net profit for 2024 due to higher fee income and stable net interest income. Alpha, which announced the acquisition of a small Cypriot bank on Thursday, reported normalized net earnings of 861 million euros ($894.23 million) last year, up 9.3% from the 787.4 million euros in 2023. Like other Greek lenders, whose profits have been boosted by higher net interest income and a strong rebound of the Greek economy, Alpha Bank upgraded its earnings expectations to 0.42 euros per share by 2027. Greek banks are steadying and returning to profit after they were nationalized following a financial meltdown in late 2009 due to the country's debt crisis, and needed several capital injections from the government. They received European Central Bank approval last year to resume dividend payments for the first time in 16 years after they cut bad loan ratios, eliminated state ownership, and returned to profit. "Aligned with our commitment to maximizing shareholder value, dividend accrual for the full year comes to 281 million euros, or 43% of reported profit... and with 75% dedicated to conducting a buy-back," said the bank's Chief Executive Vassilios Psaltis. Net interest income, which reflects the gap between lending and deposit rates, was almost flat year-on-year in 2024 at 1.65 billion euros, the bank said. Net fees increased by 12.2% year-on-year to 420 million euros while the non-performing exposure ratio was reduced to 3.8% of its total loan book from 4.6% in 2023. ($1 = 0.9628 euros) Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
