Alpha Bank says profits down 62.2 pct in 2010

Alpha Bank Group on Tuesday said its net profits fell 62.2 pct in 2010 to 147.8 million euros, affected by an economic recession in the country. The bank said its profits totaled 85.6 million euros after an extra tax charge of 61.8 million euros.

Capital under management totaled 41.6 billion euros and saving deposits totaled 38.3 billion euros at the end of December 2010. Deposits in Greece totaled 31.1 billion euros, of which savings were 12.5 billion euros and time deposits were 18.6 billion euros. In Southeastern Europe, deposits totaled 6.8 billion euros, up 7.8 pct from the previous year. Private banking funds totaled 2.5 billion euros and mutual funds assets totaled 1.3 billion euros.

Lending, pre-write offs, fell 2.9 pct to 51.5 billion euros last year, reflecting an 1.1 pct fall in Greece and a 4.7 pct drop in Southeastern Europe. In the fourth quarter, lending portfolio assets fell 500 million euros, mainly in lending to medium and large enterprises.

Retail banking pre-tax earnings totaled 87.7 million euros in 2010, from 112.9 million in 2009, in mortgage credit lending growth slowed to 0.9 pct to 11.3 billion euros, consumer loans’ growth fell 4.8 pct to 3.6 billion euros and credit cards value was stable at 1.5 billion euros. Loans to small enterprises fell 3.3 pct and to very small enterprises were down 1.3 pct.

Commenting on the results, Yiannis Costopoulos, the bank’s chairman, said “Greece has commited to implementing a fiscal restructuring program which was expected to bring fundamental changes in the structure of the Greek economy. During this significant effort, Alpha Bank stands on a solid basis: confidence of both shareholders and customers and the dedication of its workers."

"With confidence in our values, we believe we can deal successfully any adverse conditions and challenges based on our strong business abilities,” Costopoulos noted.

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