Alpha bank declares profitable expansion in the Balkans

ATHENS, Nov 15 – Greece’s second-largest lender Alpha Bank declared its profit reached 473.4 million euros for the first three quarters of 2006. The bank issued a statement on Wednesday, declaring that the change in profits meant a31.4 percent rise for the group. The development was evaluated as a top achievement, surpassing market expectations. As for the explanations, the bank evaluated positively its expansion policy in the Balkans. Vasilis Vlastarakis, an analyst from Alpha bank, said that “Alpha is headed for full-year earnings above 600 million euros. Its expansion in the Balkans is boosting profitability while its net interest margin is maintained high, above that of European peers.” Rapid growth of lending volumes in southeastern Europe, where he bank has branches in Romania, Bulgaria, Serbia, Albania and Cyprus, led to an overall increase by 20.2 percent in the loan portfolio reaching a level of 32.4 billion euros, according to Alpha bank.