RNS Number:7752K
Alpha Bank A.E.
07 May 2003

                          2003 First Quarter Results:

           Euro 60 million net profit after taxes and minority rights

On a consolidated basis, net profit after taxes and minority rights for the
first quarter of 2003 amounted to Euro 60 million as against Euro 32 million of
the corresponding period last year (an increase of 90%). The corresponding
results on a stand-alone basis amounted to Euro 55 million as against Euro 27
million last year.

On a consolidated basis, net profit before taxes and after minority rights
amounted to Euro 92 million as against Euro 49 million of the first quarter of
2002. Profits reflecting banking activities, according to data per Business
Unit, amounted to Euro 62 million for the first quarter of 2003 as against Euro
46 million of the corresponding period last year, posting an increase of 35%.


                                        ALPHA BANK: 2003 FIRST QUARTER RESULTS
In million Euro                                      On a consolidated basis             On a stand-alone basis
                                                     2003              2002              2003              2002
Net interest income                                  210.1             179.2             181.5             149.6
Other income excluding interest                      103.4             79.6              89.5              65.2
Operational costs & amortization                     172.0             166.7             150.0             143.9
Provisions                                           47.8              39.6              39.4              32.3
Net profit before taxes and after minority           91.8              48.7              81.7              38.6
rights
Net profit after taxes and minority rights           60.1              31.7              55.0              26.8

These results reflect the continuous improvement of profitability, mainly due to
the increased activities of the Retail Banking Business Unit. Net profits from
the above activities increased by 38% and amounted to Euro 51 million as against
Euro 37 million of the first quarter of 2002. The increase of housing loans on
an annual basis at the end of March 2003 amounted to 83%. The Bank continues its
successful course in this sector and during the last two years its market share
doubled by launching new products and services such as the pioneering housing
loans' programme of fixed interest rate with a duration from 3 to 15 years. In
the consumer credit sector, the increase on an annual basis at the end of March
2003 amounted to 21%. The Bank is expanding dynamically in this sector and has
undertaken new initiatives. The cooperation with OTE and COSMOTE has already
been announced with respect to the issue of co-branded VISA cards bearing the
logotypes of the three Olympic sponsors. These cards will be supported by the
biggest ever reward scheme in Greece, ''EPATHLON''. This new activity is
expected to reinforce in many ways the Bank's return from credit cards and
consumer loans. In the small and medium sized enterprises' sector 8,000 new
loans have already been granted since September 2002, approximately 4,000 of
which during the first quarter of 2003.




The Bank continues to give priority to holding expenses down. The increase of
operational costs, including amortization, was limited on an annual basis to 3%,
while staff expenses and general expenses posted a slight increase of 1%. With a
view to further limiting operational cost, the Bank, during the first quarter of
2003, completed an early retirement scheme, according to which 470 persons
(approximately 6% of the Bank's workforce) are expected to retire until the end
of the year. Furthermore, the Branch Network restructuring programme is being
completed by merging Branches in 50 areas and establishing 10 new Branches.
Finally, the merging of similar operations is under way as well as the
concentration of all support work in the Bank and the Group. Thus, the Bank,
thanks to the structural changes effected during recent years, turns to
advantage, in the best possible way, the opportunities for development and
profitability.








                                                Athens, May 7, 2003



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

MSCUUUUCAUPWUQM