Alpha Bank will announce Q4 ’14 results today after the bell – estimates

19.03.2015 12:58

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:

 

Alpha Bank Overview
(In Million Euro) 4Q13 3Q14 4Q14 E QoQ YoY
NII 476 492 497 1.1% 4.4%
Fee income 107 101 100 -0.9% -6.2%
Trading 2 17 -42 -345.6% -2676.7%
Other Income 15 15 10 -33.8% -31.6%
Total income 599 625 565 -9.5% -5.7%
Operating costs -442 -325 -345 6.1% -21.9%
Pre-provision-profits 157 299 220 -26.5% 40.0%
Provisions -449 -337 -550 63.2% 22.5%
PBT -292 -238 -330 38.4% 13.0%
Corporate taxes 82 82 50 -38.7% -38.7%
Net profit -210 -157 -280 78.5% 33.1%
*Τα όσα αναγράφονται στη στήλη είναι προιόν δημοσιογραφικής έρευνας και δεν αποτελούν προτροπή αγοράς, πώλησης ή διακράτησης μετοχών



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