Alpha bank (Results Q2/H1 2014 results): By Manos Chatzidakis

Alpha bank (Results Q2/H1 2014 results): Alpha Bank will announce its Q2/H1 results today after market hours and hold a conference call to review results. Consensus expects improvements in NII q-o-q owing to lower deposit and wholesale funding costs, yet the improvement is limited due to ongoing deleveraging resulting in lower interest income. A lower trading income estimate compared to Q1 is the main reason for lower expected total income in Q2e. We expect the NPL formation to continue to decline, yet the bank would increase NPL coverage – resulting in relatively high loan provisioning charges for Q2.

The following table summarizes market estimates for H1:

Eur (mn)	2014	2013	Δ(%)
	H1 Est.	H1
NII	951.3	734.4	29.5%
Provisions	757.6	984.1	-23.0%
Net Earnings	-160.3	-338.5	52.6%

Conference call details (18:00 GR time):

¡  GR + 30 211 180 2000,

¡  UK + 44 (0) 800 368 1063

¡  USA + 1 866 288 9315