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Economy

Alpha Bank Says Pre-Tax Profit at €103.7M in 2020

ATHENS — Alpha Bank on Tuesday reported after tax profit of 103.7 million euros in 2020 and its total capital ratio rose to 18.4 pct. The bank said its solid core pre-provision income performance was driven by continued focus on cost discipline.

Alpha Bank’s CEO, Vassilios Psaltis, commenting on the results, stated: “In a year of unprecedented disruption, Alpha Bank delivered a solid performance with Net Profit of Euro 103.7 million, after taking additional Euro 283 million of Covid related impairments, and achieved a Core Pre Provision Income of Euro 859 million, increased by 3.4% year-on-year. We remained committed to our Strategic Plan and executed strongly on a multitude of targets. On the NPE deleveraging front, we signed an agreement with Davidson Kempner for our Project Galaxy, which comprises the sale of a Euro 10.8 billion securitization as well as an 80% stake in our servicer Cepal, along with an exclusive agreement for the management of our remaining NPE portfolio. On the capital front, we raised Euro 1 billion of Tier II in two transactions, bringing our Total Capital Ratio to a solid 16.9%, pro-forma for Galaxy. On the commercial front, we contributed Euro 5.6 billion to the Greek economy through new lending, a performance that we have not witnessed since 2008, whereby we participated in full to all government sponsored support programs for our customers. On the business development front, we entered into a long-term bancassurance partnership with Generali that will allow us to upgrade our ambition in the sale of insurance products to our Customers, especially through digital channels, while retaining the option to expand further into the pension and savings space. As we are one full year into the pandemic, a special thanks goes to all our Employees for their continued resilience and hard work to service our Customers and to position our Bank in the best possible way as we envisage the exit from the crisis. The conviction that Greece and the wider region will experience a strong recovery, supported by the reopening of the economy and the flows of the European recovery funds, as well as the superior delivery on our plan, give to our revamped senior management team increased confidence to work on an acceleration in meeting our ambition for a single digit NPE ratio in Greece and on upsizing our performance targets going forward, as we are kicking off the implementation phase of our wide-ranging transformation plan”

 

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