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November 3 (SeeNews) - The Romanian branch of Greece's Alpha Bank said on Friday it booked a net profit of 34 million euro ($36.2 million) in the first nine months of 2023.
Alpha Bank Romania's financial results were driven by positive revenue dynamics and strict cost control measures, even in the face of inflationary pressures, the lender said in a press release.
Alpha Bank Romania did not provide comparative figures for its net profit, but according to a press release issued last year, its pre-tax profit had soared by an annual 83% to 36.7 million in the first nine months of 2022 while its operating profit had risen by an annual 33.8% to 28.5 million euro.
The bank's loan portfolio increased by 10.3% on the year in January-September 2023 to 3.1 billion euro net exposure.
The volume of loans granted to large companies increased by 24% on the year to 300 million euro during the first nine months of 2023. New loans granted to small and medium-sized enterprises (SMEs) jumped by an annual 30%, while the consumer loans segment saw an increase of 9%.
Customer deposits rose to 3.3 billion euro in the nine months through September, up by an annual 19.1%.
The bank's total assets reached 4.48 billion euro at the end of September, up 10% year-on-year.
In August, the lender signed a business transfer agreement with Orange Money Romania to take over its retail operations which include its customer and credit card portfolio, top digital assets and employees. The transaction is expected to consolidate the bank's market position and significantly expand its client portfolio.
Alpha Bank will also merge its Romanian subsidiaries with UniCredit Romania, part of Italy's UniCredit, in exchange for a 300 million euro cash deal and a 9.9% stake in the newly combined entity, its Greek parent said in a financial report published on its website. The merger will create Romania's third largest lender by assets, according to Alpha Services and Holdings.
Alpha Bank Romania is a universal bank and a member of the Greek Alpha Bank Group, established in 1879. The bank offers services and products for individuals, as well as for SMEs and the corporate segment.
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