Alpha Bank Cyprus with first-quarter profits up 96%

Alpha Bank closed the first quarter of 2001 with net pre-tax profits of Drs 31,6bn against Drs 21,1bn in the corresponding period of 1999. Consolidated profits after tax and the deduction of minority rights amounted to Drs 21,3bn against Drs 20,8bn in the first quarter of 2000.

The bank's assets for the first three months stood at Drs 10,3 trillion, a rise of 11,1% against the same time last year, while loans and deposits were up 23,9% and 20,1% respectively, at Drs 4,5 trillion and Drs 6,3 trillion. According to an announcement by Alpha Bank, the rise in profitability is attributable to the improvement of the interest margins, profits from the sale of bonds and synergies resulting from the merger with Ionian Bank. As forecast, net income from interests is showing signs of being a significant contributor to this year's results.

Profits from stock market activities are lower against the first quarter of 2000, as the ASE continues its decline. In the meantime, Alpha Bank subsidiaries have also recorded good first-quarter results, with Alpha Bank Romania closing with a 115% rise in profits, Alpha Bank Ltd Cyprus +96%, Alpha Leasing +39% and Alpha Astika Akinita (Urban Property) +36%.