27/05/2015 09:37
Alpha Bank Cyprus announced lower losses for the first quarter of 2015 despite the decline in revenue. The positive variation is mainly attributable to the reduction in provisions.
Losses of Alpha Bank declined to €20.3 mn against losses of €21.6 mn in the corresponding quarter of 2014.
The income of the bank declined by 41.7% to €17.5 mn from €30 mn, while expenses decreased by 5.2% to €11.7 mn from €12.3 million.
The expenses to income ratio stood at 66.8% for the first quarter of 2015 compared to 41.1% a year earlier.
Provisions for impairment of bad debts fell by 34.3% to €25.3 mn compared to €38.5 mn last year. Accumulated provisions for bad debts as at March 31, 2015 amounted to €796 mn and account for 23.5% of total gross loans of the bank excluding the loans of former Emporiki Bank Cyprus Ltd.
Net loans as at March 31, 2015 amounted to €2.963 mn, recording an increase of 12%, compared with December 31, 2014, due to the loans and advances of Emporiki Bank Cyprus Ltd.
Customer deposits decreased by 4.8% to €1.995,2 mn. Deposits include an amount of €117 mn from customers of Emporiki Bank Cyprus Ltd. During the quarter, the balances in available for sale investments decreased mainly due to the sale of Greek government treasury bills of €250 mn.
On March 1, 2015, the bank acquired the entire share capital of Emporiki Bank Cyprus Ltd and became the sole shareholder after all required regulatory approvals were secured. The merger process was completed on 27.3.2015 with the transfer of the net assets of the acquired bank.
On March 30, 2015 the bank increased its share capital by €12.728 thousand through the issue of 14.974.178 new ordinary shares of nominal value €0.85 each, which were granted as an exchange to former shareholders of Emporiki Bank Cyprus Ltd.
From the valuation of the net assets of Emporiki Bank Cyprus Ltd emerged negative goodwill of €766 thousand.
The assessment work at fair value of assets and liabilities is in progress and may be affected retrospectively by any changes arising until the completion of the assessment work.
From the acquisition of Emporiki Bank Cyprus Ltd, the loan portfolio increased by €364 mn.
Losses of Alpha Bank declined to €20.3 mn against losses of €21.6 mn in the corresponding quarter of 2014.
The income of the bank declined by 41.7% to €17.5 mn from €30 mn, while expenses decreased by 5.2% to €11.7 mn from €12.3 million.
The expenses to income ratio stood at 66.8% for the first quarter of 2015 compared to 41.1% a year earlier.
Provisions for impairment of bad debts fell by 34.3% to €25.3 mn compared to €38.5 mn last year. Accumulated provisions for bad debts as at March 31, 2015 amounted to €796 mn and account for 23.5% of total gross loans of the bank excluding the loans of former Emporiki Bank Cyprus Ltd.
Net loans as at March 31, 2015 amounted to €2.963 mn, recording an increase of 12%, compared with December 31, 2014, due to the loans and advances of Emporiki Bank Cyprus Ltd.
Customer deposits decreased by 4.8% to €1.995,2 mn. Deposits include an amount of €117 mn from customers of Emporiki Bank Cyprus Ltd. During the quarter, the balances in available for sale investments decreased mainly due to the sale of Greek government treasury bills of €250 mn.
On March 1, 2015, the bank acquired the entire share capital of Emporiki Bank Cyprus Ltd and became the sole shareholder after all required regulatory approvals were secured. The merger process was completed on 27.3.2015 with the transfer of the net assets of the acquired bank.
On March 30, 2015 the bank increased its share capital by €12.728 thousand through the issue of 14.974.178 new ordinary shares of nominal value €0.85 each, which were granted as an exchange to former shareholders of Emporiki Bank Cyprus Ltd.
From the valuation of the net assets of Emporiki Bank Cyprus Ltd emerged negative goodwill of €766 thousand.
The assessment work at fair value of assets and liabilities is in progress and may be affected retrospectively by any changes arising until the completion of the assessment work.
From the acquisition of Emporiki Bank Cyprus Ltd, the loan portfolio increased by €364 mn.