UPDATE 1-Alpha Bank profits fall, plans 12 bln euro bad loan sale [Reuters (UK)]
ALPHA SVCS & HLDGS S/ADR (ALBKY)
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Source: Reuters
UPDATE 1-Alpha Bank profits fall, plans 12 bln euro bad loan sale - Reuters 2 Min Read * Alpha to securitise 12 bln euros of NPEs * Aims to cut NPE ratio to 20% from 44% * Will apply for up to 3.7 bln euros in govt guarantees (Adds details, background, CEO comment) By George Georgiopoulos ATHENS, Nov 19 (Reuters) - Alpha Bank on Tuesday reported lower third-quarter profits after higher bad debt provisions and said it would launch a big securitisation of soured loans to clean up its balance sheet. Alpha, 11% owned by the country’s bank rescue fund HFSF, reported net profit from continuing operations of 4.8 million euros after net earnings of 59.4 million euros in the second quarter. Provisions for bad debt rose 6.3% quarter-on-quarter to 261.5 million euros. Alpha, Greece’s fourth largest bank, said it planned a 12 billion euro ($13.29 billion) securitisation of soured loans or so-called non-performing exposures (NPEs) to speed up balance sheet clean-up and cut its NPE ratio to 20% fro
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