Consolidated 9-month 2003 F.S

RNS Number:8035R
Alpha Bank A.E.
07 November 2003


                                                  ALPHA BANK
                      Consolidated Interim Financial Statements of the Group of Companies
                            of the Financial/Credit Sector as at September 30, 2003
                                        (Amounts in thousands of Euro)
                    Assets

                                                                     30.9.2003                 30.9.2002

                    Cash and balances with the Central Bank                 1,227,643                 1,428,993

                    Treasury bills and other securities
                    eligible for
                    refinancing with the Central Bank                         903,960                 3,168,241

                    Loans and advances to credit institutions:
                    - Deposits                                  1,877,221                   526,854
                    - Reverse repos                             3,512,360   5,389,581     3,245,532   3,772,386

                    Loans and advances to customers :

                    - Loans and advances                       19,595,689                16,996,336
                    - Other receivables                            88,201                    77,354
                                                               19,683,890                17,073,690
                    Less : Allowances for credit losses           473,411  19,210,479       361,627  16,712,063

                    Securities                                              1,259,277                 2,503,002

                    Investments                                               186,804                   249,884

                    Intangible assets:                            262,226                   226,241
                    Less : Amortization till 30.9                 176,629      85,597       145,546      80,695

                    Tangible assets                               735,958                   700,896
                    Less : Depreciation till 30.9                 418,806     317,152       364,124     336,772

                    Other assets                                              397,715                   358,935

                    Prepayments and accrued income                            227,663                   327,206




                    TOTAL ASSETS                                           29,205,871                28,938,177

                    OFF BALANCE SHEET ACCOUNTS                             46,310,335                49,975,772


Liabilities

                                                          30.9.2003                        30.9.2002

Due to credit institutions :
- Deposits                                              812,457                       1,091,618
- Commitments arising out of sale and
  repurchase agreements                                 820,414    1,632,871            605,786     1,697,404

Due to customers :
- Deposits                                           18,617,141                      18,381,511
- Commitments arising out of sale and
  repurchase agreements                               3,147,056                       5,767,184
                                                     21,764,197                      24,148,695
- Cheques and orders payable                            168,963   21,933,160            185,480    24,334,175

Senior debt                                                        1,792,211                                -

Other liabilities                                                    693,068                          467,172

Accruals and deferred income                                         327,440                          330,122

Provisions :
- Provisions for staff retirement indemnities            25,502                          21,607
- Other                                                   5,270       30,772             13,151        34,758

Subordinated Debts                                                   781,315                          592,069

Hybrid securities                                                    200,000                                -


Capital and Reserves :
Share capital                                           768,462                         768,462
Reserves                                              1,070,752                       1,368,160
Goodwill to be netted off                             (273,021)                       (578,671)
                                                      1,566,193                       1,557,951
Less:Consolidation differences                          223,523                         240,143
Less:Treasury shares                                     42,963                         378,640
                                                      1,299,707                         939,168
Minority interests                                      324,579    1,624,286            402,131     1,341,299

Net profit for the period 1.1 - 30.9                                 190,748                          141,178

TOTAL LIABILITIES                                                 29,205,871                       28,938,177

OFF BALANCE SHEET ACCOUNTS                                        46,310,335                       49,975,772


                                        Consolidated profit and loss account
                                                  (1.1 - 30.9.2003)

                                               1.1 - 30.9.2003      1.1 - 30.9.2002                 1.1 - 30.9.2002
                                                                     (comparable)                     (published)

Interest income and similar income         1,043,210              1,058,498                       1,032,502
Less : Interest expense and similar          388,309    654,901     494,499   563,999               494,499   538,003
charges
Dividend income                                           7,091                10,409                          10,409
Net commissions income                                  213,638               212,995                         212,995
Net trading income                                      110,205                69,408                          69,408
Other operating income                                    6,265                12,125                         117,800
Surplus value from participation in
companies
 not consolidated                                      (13,247)               (5,279)                         (5,279)
Gross operating results                                 978,853               863,657                         943,336
Less : Staff costs                           282,323                281,438                         281,438
          General expenses and non-income    169,045                166,711                         164,240
          taxes
          Depreciation and amortization       75,427    526,795      69,929   518,078               180,026   625,704
          expenses
          General provision for credit       140,083                113,847                         113,847
          risk
          Provisions for staff retirement        187                  2,650                           2,650
          indemnities
          Other provisions                     3,733    144,003       8,675   125,172                 8,675   125,172
Total operating results                                 308,055               220,407                         192,460
Extraordinary income                                      3,868                 2,810                           2,810
Extraordinary charges                                   (1,860)               (2,043)                         (2,043)
Extraordinary profit or loss                              6,520                 3,529                           2,731
Net profit for the period (before tax)                  316,583               224,703                         195,958
Less: Income tax (provision)                            100,220                72,314                          71,021
Net profit                                              216,363               152,389                         124,937
Less: Minority income                                    25,615                11,211                          10,646
Net profit for the period                               190,748               141,178                         114,291


Notes :

 1. The Group companies of the financial services sector that have been
    consolidated under the full consolidation method, excluding "ALPHA BANK",
    are: 1. Alpha Bank London Ltd., 2. Alpha Bank Romania S.A., 3. Alpha Bank
    Jersey Ltd., 4. Alpha Bank Limited, 5. Alpha Bank A.D. Skopje, 6. Alpha
    Leasing A.E., 7. Alpha Investments A.E., 8. Alpha Finance A.X.E.P.E.Y. , 9.
    Alpha Private Investment Services A.E.P.E.Y., 10. Alpha Romanian Holdings
    Company A.E., 11. Alpha Mutual Fund Management A.E., 12. Alpha Ventures
    A.E., 13. Alpha Astika Akinita A.E., 14. Alpha Asset Finance Ltd., 15. Alpha
    Credit Group Plc., 16. Alpha Finance U.S. Corporation, 17. Alpha Finance Ltd
    Cyprus, 18. Alpha Asset Management A.E.P.E.Y., 19. Alpha Finance Romania
    S.A., 20. Alpha Leasing Romania S.A., 21. Alpha Trustees Ltd., 22. Alpha
    Equity Fund A.E., 23. ABC Factors A.E., 24. Ionian Holdings A.E., 25. C.B.
    Interleasing Southeastern Ltd., 26. Messana Holdings S.A., 27.Alpha
    Commercial Real Estate A.E., 28. Alpha Group Jersey Limited.

 2. The activities of Alpha Leasing have on consolidation been accounted for
    using the finance lease method and the necessary changes in certain captions
    of the balance sheet and income statement have been made. As a result of
    this change, the results of the nine month period of 2003 have decreased by
    Euro 1.6 million and the results of the nine month period of 2002 have
    increased by Euro 3.1 million.

 3. The annual ordinary general shareholders' meeting of the Bank approved, in
    accordance with Law 3091/2002, that the unamortized balance of goodwill
    resulting from the merger with the former Ionian Bank in 2000, be offset
    against reserves in two equal instalments in 2003 and 2004.Therefore to
    facilitate comparison, with the current period the goodwill amortization
    charge relating to the nine month period ended September 30, 2002, which
    amounted to Euro 25 million, has been reversed.

 4. Based on a recent actuarial study, it is estimated that an amount of about
    Euro 134.2 million (on an after tax basis), in addition to the amount of
    Euro 41.4 million that has been charged to the current period's  results, is
    required, in order for the Bank to meet its liability to the Auxiliary
    Pension Fund.

 5. The majority of the subsidiaries have been audited by the tax authorities for
    all years up to and including December 31, 1999.

 6. No fixed assets have been pledged.

 7. There are no pending legal cases or issues in progress which may have a
    material impact on the financial statements of the Group.

 8. The total employees of the Group as at September 30, 2003 was 9,350 compared
    to 9,763 as at September 30, 2002.

 9. The accounting policies followed by the subsidiaries of the Group, in
    compiling their financial statements, are consistent with those followed as
    at December 31, 2002 and they are in accordance with the relevant provisions
    of Company Law 2190/1920 except for the matter discussed in note 2.


                            Athens, November 6, 2003

 The Chairman of the Board     The Executive Director       The Executive General   Chief Group Financial
       of Directors                                               Manager
   and Managing Director         and General Manager         and Chief Financial          Reporting
                                                                   Officer

   YANNIS S. COSTOPOULOS       DIMITRIOS P. MANTZOUNIS     MARINOS S. YANNOPOULOS   GEORGE N. KONTOS


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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