Alpha Bank Q1 profit grows as bad debt charges decline

Alpha Bank was profitable for a third straight quarter in January-to-March as provisions for impaired loans declined, Greece's fourth-largest lender by assets said on Wednesday.

Alpha, 11 percent owned by the country's bank rescue fund HFSF, grew net profit to 48.1 million euros ($54.05 million) from net earnings of 20.1 million in the fourth quarter, with its bottom line broadly in line with market expectations.

Greek banks including Alpha are struggling with problem loan portfolios after a deep, protracted recession pushed unemployment to record highs, making it hard for borrowers to service their debts.

Banks entered the 2008 global financial crisis with bad loans, or non-performing exposures (NPEs), of 14.5 billion euros, about 5.5 percent of their loan books. NPEs rose to 106.9 billion, or 51 percent, last year.

Lenders have agreed with regulators on...

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