Alpha Bank, Piraeus Bank profits up on higher interest rates
© Reuters. FILE PHOTO: A woman begs in front of an Alpha bank branch as people walk past her in Athens March 14, 2012. REUTERS/John Kolesidis/File PhotoATHENS - Alpha Bank and Piraeus Bank reported on Friday a jump in profits for the first nine months of 2023 as higher rates boosted net interest income and bad loans declined.
Alpha Bank said last month that Italian bank UniCredit would become its biggest investor by buying a 9% stake owned by Greece's bank bailout fund. Greek banks cut their bad loan ratios to below 8% in the first half of 2023 from 45% in 2016, but that remains above euro zone peers.
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Bank of England holds rates in 6-to-3 voteSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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