Alpha Bank (Q4/FY 2014 Results):
The bank will announce Q4 ’14 results today after the bell with a conference call at 17:50 Greek time. Following indicative trends on Eurobank’s Q4 balance sheet we expect operating profitability, increased provisions aimed at covering the AQR provisioning shortfall, increased NPLs generation and deposit outflows due to political uncertainty in December 2014.
We expect Q4 net losses of €280 mn due to high loan loss provisions and AQR simulation results. Core pre-provision income (PPI) of €220 mn (-26% qoq) on broadly stable NII and fees (100mn). We expect the bank to increase provisions, aiming to close the gap between its own provisioning policies and the AQR results. Specifically, we have included €450mn of loan provisions plus 100mn of other impairments while coverage should reach 62%.
Conference call to focus on NPL’s momentum, capital buffers and short term funding.
Conference Call (Thu. 19 Mar. 17:50 GR Time):
¡ Greece: + 30 211 180 2000
¡ UK: + 44 (0) 800 368 1063
¡ US: + 1 866 288 9315
The following table summarise our estimates:
|(In Million Euro)||4Q13||3Q14||4Q14 E||QoQ||YoY|