Romanian lender Alpha Bank doubles nine-month gross profit to EUR 47.8m

Alpha Bank Romania, the unit of the Greek-based Alpha group, posted 104.6 percent boost in gross profit year-on-year in the first nine months, on massive advance of credits, a report shows.

The bank recorded a gross profit of 47.8 million euros in the first nine months, versus 23.3 million euros in the similar period last year. Credits assigned by the bank hiked 72 percent, from 2.34 to 4.03 billion euros.

Mortgage loans jumped 99 percent year-on-year in the first nine months to 538 million euros and credits offered to companies rose 63 percent, to 2.92 billion euros, the report shows.

Clients' deposits hiked 49 percent from October 2007 to September 2008, from 999 million euros to 1.485 billion euros.

Alpha's operating revenues increased 77.7 percent year-on-year in the first nine months, to 134.2 million euros, while the operating spendings grew 54.3 percent to 75.4 million euros.

Alpha Bank Romania increased its market share on the credit segment to 7.6 percent after the first nine months. The lender cut ribbon for 77 new units in the mentioned period, reaching a 173 unit-network. It plans to spread tentacles to 200 units by year-end.

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