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ALPHA SERVICES AND HOLDINGS Press Release 9M 2021 Results : Normalised¹ Profit After Tax of Euro 297 million ; Q3 Euro 171.3 million bottom line loss driven by transaction - related impairments Solid Operating Trends demonstrate the strength of Alpha Bank's Franchise ; Execution of " Project Tomorrow " is on track Alpha Bank's CEO , Vassilios Psaltis stated : " We are making significant progress towards reshaping Alpha Bank as a leaner , more efficient and better capitalised bank , capable of supporting sustainable economic growth for the benefit of all our stakeholders , having successfully completed Project Galaxy in June and now signed in October an agreement on Project Cosmos . For the first nine months of 2021 , we are reporting a normalised profit after tax of almost Euro 300 million , after adjusting for non - recurring items , a return of 5.8 % on tangible book value . We continue to execute on the key pillars of our Strategic Plan ( Project Tomorrow ) – customer centric growth , revamping of our operating model , further strengthening of our organizational effectiveness - to restore profitability to double - digit levels . A testament to that has been the public launch of a new brand for our transformation efforts ( " the alpha blueprint " ) , which are warmly embraced by the internal audience and key stakeholders . Alpha Bank provided significant support to the Greek economy with new loans of Euro 3.8 billion in the year to date and has seen an acceleration in the rate of credit expansion . Higher loan growth and the improving economy helped generate increased fees of Euro 109.8 million in Q3 2021 , above the Euro 100 million mark for a second quarter in a row . In addition , we have already secured around 50 % of the total cost reductions envisaged between 2021 and 2024 , the benefits of which we will reap starting from 2022. Our " alpha blueprint " is running at full speed to deliver the remaining efficiencies . The Cosmos portfolio has been reclassified as held for sale following the agreement reached with Davidson Kempner , enabling a very meaningful reduction of our Non Performing Exposures , while the underlying Cost of Risk has come in below 1 % for a third consecutive quarter . The imminent completion of the majority of the remaining envisaged transactions will ensure the full optimisation of our balance sheet , as we are on track to achieve our target for a single digit NPE ratio in early 2022 . We remain determined and are now implementing an ambitious ESG development plan to ensure the sustainability of our business , navigate the transition to a low - carbon economy and align our working practices with the expectations of regulators , investors and other stakeholders . ” ¹ Normalised Profit After Tax in 9M 2021 , adjusted for losses related to Project Galaxy of Euro 2.1 billion and excluding trading income of Euro 98 million , non - recurring expenses of Euro 171 million , transactions related impairment losses of Euro 706 million and tax of Euro 112 million . 1 Press Release 9M 2021 Results