Alpha Bank 2000 results Unconfirmed reports indicate Alpha s unconsolidated PBT reached Grd130bn, down from Grd144bn in 1999. It should be noted that 2000 figures include Ionian, which were not included last year. The figure does not reverse the negative trend evident since H1. At consolidated level, this is likely to lead to approximately Grd160bn in PBT, and approximately Grd120bn net profit. This compares to Grd150bn of consensus and Grd136bn our estimates.
Alpha is still under pressure and seems unlikely to achieve a fast recovery.
Commercial Bank results Unconfirmed reports indicate Commercial s unconsolidated PBT reached Grd113bn, after Grd10bn extra provisions and Grd2.5bn redundancy costs. At group level, PBT reached Grd195bn, including Grd63bn extraordinary gains from the sale of Commercial s shares to Credit Agricole. There is a slowdown from H1 and Q3. Excluding extraordinary gains, Commercial s figures are in line with our expectations, and below consensus. Moreover, we anticipate that these costs will be charged for at least two more years.