Alpha Bank Q3:17 – 1st glimpse: Net earnings €36m vs €11m on our call on higher trading income

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The following table summarize results vs our estimates:

Alpha Bank Overview
(In Million Euro) 3Q16 2Q17 3Q17 QoQ YoY 3Q17 vs Est.
NII 481 493.6 486.9 -1.4% 1.2% 486 0.2%
Fee income 81 85.8 79.3 -7.5% -2.2% 78 1.7%
Trading 9 7.3 75.2 25
Other Income 16 10.1 22.8 10
Total income 587 596.7 664.2 11.3% 13.1% 599 10.9%
Operating costs -281 -281 -289 -2.9% -2.6% -289 0.1%
Pre-provision-profits 306 316 375 18.8% 22.7% 310 21.1%
Provisions -258 -217 -298 -37.7% -15.5% -295 -1.1%
Other results 0 0 0 0
PBT 48 99 77 -22.5% 61.4% 15 414.0%
Corporate taxes -8 29 41 42.5% 4 8448%
Net profit (continued) 40 71 36 -49.1% -9.3% 11 238.1%
Discontinued operations -1 -69 0
Net profit 39.1 1.3 36.0 11 238.1%
Minorities 0.0 0 0 0
Attributable net profit 39.1 1.3 35.9 11

Conference call details (30/11 17:50)

Manos Chatzidakis

Head of research – Beta Securities S.A.