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Alpha Bank with 62% decrease in the profit for the second quarter

The Greek bank - Alpha Bank announced a significant drop in profit for the second quarter. Degradation results due to increased provisions to cover bad loans and reduced income from dividends from subsidiary banks. The profit financial institution for the second quarter was 48.7 million, down 62% over the same period last year. Earmarked as a provision to cover bad loans, money does have risen by 31% to 221.3 million. Preliminary analyst expectations were for a much weaker results, expected a profit of 33.8 million. In the explanatory notes to the accounts the Executive Director of Alpha Bank Mantsunis Demetrius believes that the bank will be able to cope with much more severe economic conditions. His confidence is based on good performance of the financial institution of stress tests conducted by the European Central Bank. For the first six months of the year profit of Alpha Bank melts with 82.2 per cent to 38.2 million. the bank realized good financial strategy for Remortgage Quotes, but this was not enough for positive financial result.