Top ten Greek banks stay profitable in H1

The subsidiaries of Greek financial groups felt the impact of credit risk differently in the first six months of 2010. Thus, while Bancpost saw loan portfolio quality stabilise, Alpha Bank set up additional provisions of 47m euros, up from 19.5m euros a year ago.

Bancpost and the other local subsidiaries of EFG Eurobank Greek group posted net income worth 10.7m euros in the first half, against a 7.6m-euro loss in January-June 2009. The positive result comes as the pressure of bad loans has eased up.

On the other hand, Alpha Bank reported 23.7m-euro gross income, down 31.7% from the first half of 2009. Bad loans in June climbed to 5.7% in the portfolio, from 2.6% in December.
The domestic subsidiaries of EFG Eurobank Greek group, the majority shareholder of Bancpost, in the second quarter posted 8.6m-euro net income, while net profits had amounted to only 2.1m euros in the first quarter. The improved financial result comes amid the lower bad loan provisions.
Alpha Bank Greek financial group reported 15.6m-euro gross income from Romanian operations in the second quarter, after an 8.1m-euro gain in January-March 2010, amid rising revenues and falling operating costs.