Alpha Bank profit close to triple year-on-year

Alpha Bank Romania, ranking sixth on the local banking market, posted gross profit worth €33.2 million in the first half of 2008, 165.6 percent higher year-on-year, due to an 81 percent increase on the lending segment, especially for retail, according to the lender's financial report.

The local branch, owned by Greek Alpha Bank, registered operating profit in the first half of the year from banking operations worth €84.5 million, 85.7 percent higher than in H1 2007.

The rise in its loan portfolio also led to a higher market share, up to 7 percent, compared to a previous 5.5 percent. The loan balance amounted to €3.5 billion, compared to €2.72 billion at the end of 2007. In Q2 alone, the bank granted loans worth €516 million.

The most significant increase was registered on the mortgage segment, of 138 percent, up to €448 million.

However, corporate loans make up most of the bank's portfolio, totaling €2.62 billion after H1, 68 percent higher than in the first six months in 2007.

Business Standard