Alpha banks’ profits up by 7.3 percent to $1.2 billion

The top 12 local banks reported profits of $1.2 billion in the first nine months of 2012, up by 7.3 percent year-on-year. The ‘Alpha’ banks in this group have deposits in excess of $2 billion each.

The cost-to-income ratio dropped to 47.6 percent compared to 48.8 percent in the same period last year. Total operating income from interests, fees, and commissions rose by 10.5 percent year-on-year to $3.1 billion. In parallel, total expenditures rose by 13.3 percent year-on-year to $1.6 billion.

Banks’ total assets rose to $149.6 billion at end-September while customer deposits rose to $122.5 billion, showing a growth of 4.4 percent and 4.7 percent respectively since end-2011.