CYPRUS: Alpha Bank losses drop in 1H

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Alpha Bank Cyprus Ltd, a wholly owned subsidiary of the Greek bank, said it reduced its after tax loss of EUR 15.1 mln in the first half of the year compared to a net loss of EUR 31.7 mln in the same period last year.

The drop in net losses resulted from a 52% drop in provisions for loan impairments to EUR 34.3 mln offsetting a 29% annual drop in overall revenue to EUR 45.4 mln in January to June.
Overall expenditure fell 3.9% to EUR 24.6 mln while deposits stood at EUR 1.9 bln, 8.6% below the respective 2014 figure of EUR 2.2 bln.
Loan in arrears (NPLs) stood at EUR 1.7 bln or 58.7% of the bank’s loanbook, adding that the exposure drops to 55.8% when the portfolio of Emporiki Bank Cyprus Ltd is taken into account.