(In accordance with International Accounting Standard 34)

Athens, November 23, 2010

(In accordance with IAS 34)
► Interim Consolidated Income Statement 3
► Interim Consolidated Balance Sheet 4
► Interim Consolidated Statement of Comprehensive Income 5
► Interim Consolidated Statement of Changes in Equity6
► Interim Consolidated Statement of Cash Flows 8
► Notes to the Interim Consolidated Financial Statements

General Information 9
Accounting policies applied
1 Basis of presentation 11
Income Statement
2 Impairment losses and provisions to cover credit risk 13
3 Income tax 13
4 Earnings per share 15
Assets
5 Loans and advances to customers 16
6 Investment securities 17
7 Investment property 18
8 Property, plant and equipment 19
9 Goodwill and other intangible assets 20
Liabilities
10 Due to banks 21
11 Debt securities in issue and other borrowed funds 21
12 Provisions 23
Equity
13 Share capital and Retained Earnings 24
Additional Information
14 Contingent liabilities and commitments 25
15 Group consolidated companies 28
16 Operating segment 30
17 Capital adequacy 31
18 Related-party transactions 32
19 Corporate events 33
20 Events after the balance sheet date 34

Interim Consolidated Income Statement

					(Thousands of Euro)
	Note	From 1 January to 30.9.2010	30.9.2009	From 1 July to 30.9.2010	30.9.2009
Interest and similar income		2,639,028	3,003,011	901,504	965,711
Interest expense and similar charges		(1,266,473)	(1,698,606)	(446,323)	(506,187)
Net interest income		1,372,555	1,304,405	455,181	459,524
Fee and commission income		292,794	320,617	96,631	108,048
Commission expense		(37,501)	(34,140)	(13,364)	(12,754)
Net fee and commission income		255,293	286,477	83,267	95,294
Dividend income		3,160	2,613	2,048	327
Gains less losses on financial transactions		17,229	161,283	2,618	62,615
Other income		42,606	49,175	14,192	15,663
		62,995	213,071	18,858	78,605
Total income		1,690,843	1,803,953	557,306	633,423
Staff costs		(414,928)	(416,127)	(135,215)	(137,983)
General administrative expenses		(370,246)	(381,291)	(123,164)	(135,116)
Depreciation and amortization expenses	7, 8, 9	(68,931)	(68,900)	(24,231)	(22,635)
Other expenses		382	(3,051)	3	(737)
Total expenses		(853,723)	(869,369)	(282,607)	(296,471)
Impairment losses and provisions to cover credit risk	2	(644,321)	(496,745)	(223,058)	(170,030)
Share of profit/(loss) of associates		(902)	(2,617)	(437)	972
Profit before income tax		191,897	435,222	51,204	167,894
Income tax	3	(54,240)	(91,408)	(13,786)	(37,942)
Profit after income tax		137,657	343,814	37,418	129,952
Extraordinary tax (Law 3845/2010)	3	(61,879)
Profit after income and extraordinary tax		75,778	343,814	37,418	129,952
Profit attributable to:
Equity owners of the Bank		75,523	344,654	37,307	129,947
Non-controlling interests		255	(840)	111	5
Earnings per share:
Basic and diluted (€ per share)	4	0.04	0.70	0.04	0.23

Interim Consolidated Balance Sheet

	(Thousands of Euro)
	Note	30.9.2010	31.12.2009
ASSETS
Cash and balances with Central Banks		2,219,167	2,514,664
Due from banks		4,707,933	6,408,155
Securities held for trading		28,890	70,600
Derivative financial assets		554,931	347,178
Loans and advances to customers	5	49,942,821	51,399,939
Investment securities
- Available for sale	6	2,357,454	1,418,162
- Held to maturity	6	5,157,272	4,868,493
Investments in associates		49,982	50,715
Investment property	7	71,938	72,668
Property, plant and equipment	8	1,243,349	1,258,451
Goodwill and other intangible assets	9	190,863	178,109
Deferred tax assets		466,788	293,289
Other assets		555,010	599,984
		67,546,398	69,480,407
Non-current assets held for sale		181,488	115,640
Total Assets		67,727,886	69,596,047
LIABILITIES
Due to banks	10	15,512,950	13,235,439
Derivative financial liabilities		1,296,082	603,932
Due to customers (including debt securities in issue)		39,856,291	42,915,694
Debt securities in issue held by institutional investors and other borrowed
funds	11	3,470,174	5,148,875
Liabilities for current income tax and other taxes		104,144	108,487
Deferred tax liabilities		320,926	202,492
Employee defined benefit obligations		52,454	47,850
Other liabilities		1,279,137	1,304,862
Provisions	12	65,015	55,057
Total Liabilities		61,957,173	63,622,688

EQUITY Equity attributable to equity owners of the Bank
Share capital
Share premium	13	3,451,067 406,867	3,451,067 406,867
Reserves		93,465	239,253
Retained earnings	13	1,237,806	1,274,961
		5,189,205	5,372,148
Non-controlling interests
		13,291	17,424
Hybrid securities		568,217	583,787
Total Equity		5,770,713	5,973,359
Total Liabilities and Equity		67,727,886	69,596,047

Interim Consolidated Statement of Comprehensive Income

		(Thousands of Euro)
		From 1 January to		From 1 July to
	Note	30.9.2010	30.9.2009	30.9.2010	30.9.2009
Profit after income tax, recognized in the income statement		75,778	343,814	37,418	129,952
Other comprehensive income recognized directly in Equity:
Change in available for sale securities reserve	3	(161,370)	63,058	(33,955)	(12,130)
Change in cash flow hedge reserve		(40,602)		61
Exchange differences on translating and hedging the net investment in foreign operations	3	(13,557)	(19,524)	(11,714)	(9,739)
Income tax	3	49,054	(12,770)	8,260	5,830
Total other comprehensive income recognized directly in Equity, after income tax	3	(166,475)	30,764	(37,348)	(16,039)
Total comprehensive income for the period, after income tax		(90,697)	374,578	70	113,913
Total comprehensive income for the period attributable to:
Equity owners of the Bank		(91,095)	375,414	(132)	114,006
Non-controlling interests		398	(836)	202	(93)

Interim Consolidated Statement of Changes in Equity

										(Thousands of Euro)
	Note	Share capital	Share premium	Reserves	Retained earnings	Treasury shares	Total	Non controlling interests	Hybrid securities	Total
Balance 1.1.2009		1,931,590		188,404	969,815		(68,985) 3,020,824	32,567	887,306	3,940,697
Changes for the period 1.1 - 30.9.2009
Profit for the period, after income tax					344,654		344,654	(840)		343,814
Other comprehensive income recognized directly in Equity, after income tax				30,760			30,760	4		30,764
Total comprehensive income for the period, after income tax				30,760	344,654		375,414	(836)		374,578
Share capital increase with the issuance of preference shares acquired by the Greek State		940,000					940,000			940,000
Expenses relating to the share capital increase					(10,340)		(10,340)			(10,340)
Purchases/sales and change of ownership interests in subsidiaries					886		886	(13,520)		(12,634)
(Purchases), (redemptions)/ sales of treasury shares and hybrid securities, after income tax					69,975	68,985	138,960		(298,559)	(159,599)
Dividends distributed to equity owners of the Bank and non-controlling interests								(381)		(381)
Dividends paid to hybrid securities owners					(51,231)		(51,231)			(51,231)
Appropriation to reserves				16,864	(16,864)
Other					(1,368)		(1,368)			(1,368)
Balance 30.9.2009		2,871,590		236,028	1,305,527		- 4,413,145	17,830	588,747	5,019,722
Changes for the period 1.10 - 31.12.2009
Profit for the period, after income tax					5,160		5,160	103		5,263
Other comprehensive income recognized directly in Equity, after income tax				3,102			3,102	3		3,105
Total comprehensive income for the period,
after income tax Share capital increase				3,102	5,160		8,262	106		8,368
through cash payment Expenses relating to the		579,477	406,867				986,344			986,344
share capital increase, after income tax					(29,589)		(29,589)			(29,589)
Purchases/sales and change of ownership interests in subsidiaries					(6,288)		(6,288)	(512)		(6,800)
(Purchases), (redemptions)/ sales of treasury shares and hybrid securities, after income tax					1,666		1,666		(4,960)	(3,294)
Dividends paid to hybrid securities owners					(2,656)		(2,656)			(2,656)
Appropriation to reserves				123	(123)
Other					1,264		1,264			1,264
Balance 31.12.2009		3,451,067	406,867	239,253	1,274,961		- 5,372,148	17,424	583,787	5,973,359

	Share capital	Share premium	Reserves	Retained earnings	Total	Non controlling interests	Hybrid securities	Total
Balance 1.1.2010	3,451,067	406,867	239,253	1,274,961	5,372,148	17,424	583,787	5,973,359
Changes for the period 1.1 - 30.9.2010
Profit for the period, after income and extraordinary tax				75,523	75,523	255		75,778
Other comprehensive income recognized directly in Equity, after income tax			(166,618)		(166,618)	143		(166,475)
Total comprehensive income for the period, after income tax			(166,618)	75,523	(91,095)	398		(90,697)
Expenses relating to the share capital increase, after income tax				(607)	(607)			(607)
Purchases/sales and change of ownership interests in subsidiaries				(11,181)	(11,181)	(4,201)		(15,382)
(Purchases), (redemptions)/ sales of hybrid securities, after income tax				3,518	3,518		(15,570)	(12,052)
Dividend paid for preference shares				(57,945)	(57,945)			(57,945)
Dividends distributed to non-controlling interests						(330)		(330)
Dividends paid to hybrid securities owners				(25,822)	(25,822)			(25,822)
Appropriation to reserves Other			20,830	(20,830) 189	189			189
Balance 30.9.2010	3,451,067	406,867	93,465	1,237,806	5,189,205	13,291	568,217	5,770,713

(Thousands of Euro)

Interim Consolidated Statement of Cash Flows

			(Thousands of Euro)
		From 1 January to
	Note	30.9.2010	30.9.2009
Cash flows from operating activities
Profit before income tax		191,897	435,222
Adjustments for:
Depreciation of fixed assets	7, 8	47,972	49,441
Amortization of intangible assets	9	20,959	19,459
Impairment losses from loans and provisions		671,851	571,442
(Gains)/losses from investing activities		18,602	(145,741)
(Gains)/ losses from financing activities		53,007	15,749
Share of (profit)/loss from associates		902	2,617
		1,005,190	948,189

Net (increase)/decrease in assets relating to operating activities:
Due from banks		(676,442)	740,123
Securities held for trading and derivative financial assets		(166,043)	80,525
Loans and advances to customers		684,433	(888,550)
Other assets		44,974	(7,973)
Net increase/(decrease) in liabilities relating to operating
activities:
Due to banks		2,277,511	3,225,754
Derivative financial liabilities		652,398	(156,633)
Due to customers		(4,763,785)	(1,612,089)
Other liabilities		33,732	186,789
Net cash flows from operating activities before taxes		(908,032)	2,516,135
Income taxes and other taxes paid		(124,804)	(123,372)
Net cash flows from operating activities		(1,032,836)	2,392,763
Cash flows from investing activities
Investment in subsidiaries and associates		(15,382)	(18,885)
Dividends received		3,160	2,613
Purchases of fixed and intangible assets		(91,580)	(158,517)
Disposals of fixed and intangible assets		9,539	8,525
Net (increase)/decrease in investment securities		(1,395,824)	(1,080,897)
Net cash flows from investing activities		(1,490,087)	(1,247,161)
Cash flows from financing activities
Expenses relating to the share capital increase		(799)	(10,340)
Dividends paid to preference shares owners and non-controlling interests		(58,275)	(784)
(Purchase)/Sales of treasury shares			71,495
Debt issued			992,750
Repayment of debt securities		(30,432)	(141,737)
(Purchases), (Redemptions)/Sales of hybrid securities		(9,097)	(228,584)
Dividends paid to hybrid securities owners		(25,822)	(51,231)
Net cash flows from financing activities		(124,425)	631,569
Effect of exchange rate fluctuations on cash and cash equivalents		(24,079)	(20,709)
Net increase / (decrease) in cash and cash equivalents		(2,671,427)	1,756,462
Cash and cash equivalents at the beginning of the period		6,187,182	3,013,636
Cash and cash equivalents at the end of the period		3,515,755	4,770,098

Notes to the Interim Consolidated Financial Statements

GENERAL INFORMATION

The Alpha Bank Group, which includes companies in Greece and abroad, offers the following services: corporate and retail banking, financial services, investment banking and brokerage services, insurance services, real estate management, hotel activities.

The parent company of the Group is ALPHA BANK A.E. which operates under the brand name of ALPHA BANK. The Bank's registered office is 40 Stadiou Street, Athens and it is listed as a societe anonyme with registration number 6066/06/B/86/05. The Bank's duration is until 2100 which can be extended by the General Meeting of Shareholders.

In accordance with article 4 of the Articles of Incorporation, the Bank's objective is to engage, for its own account or on behalf of third parties, in Greece and abroad, independently or collectively, including joint ventures with third parties, in any and all (main and secondary) operations, activities, transactions and services allowed to credit institutions, in conformity with whatever rules and regulations (domestic, community, foreign) may be in force each time. In order to serve this objective, the Bank may perform any kind of action, operation or transaction which, directly or indirectly, is pertinent, complementary or auxiliary to the purposes mentioned above.

Based on the decision of the Ordinary General Meeting of Shareholders, held on 22.6.2010, the reelection of the currently serving members of the Bank's Board of Directors, for a four year tenure, was approved, apart from the Greek State's representative whose tenure expires as stated in Law 3723/2008.

The Board of Directors as at September 30, 2010, according to the minutes of its meeting held on 28.9.2010, consists of:

CHAIRMAN (Executive Member) Yannis S. Costopoulos

VICE CHAIRMAN (Non-Executive Independent Member) Minas G. Tanes ***

EXECUTIVE MEMBERS

MANAGING DIRECTOR Demetrios P. Mantzounis

EXECUTIVE DIRECTORS AND GENERAL MANAGERS Spyros N. Filaretos (COO) *** Artemis Ch. Theodoridis

NON-EXECUTIVE MEMBERS

Sophia G. Eleftheroudaki Paul G. Karakostas * Nicholaos I. Manessis ** Ioanna E. Papadopoulou

NON-EXECUTIVE INDEPENDENT MEMBERS

George E. Agouridis * Pavlos A. Apostolides ** Thanos M. Veremis Evangelos J. Kaloussis */*** Ioannis K. Lyras **

NON-EXECUTIVE MEMBER (in accordance with the requirements of Law 3723/2008)

Sarantis – Evangelos G. Lolos

SECRETARY

Hector P. Verykios

* Member of the Audit Committee

^** Member of the Remuneration Committee

^*** Member of the Risk Management Committee

The Ordinary General Meeting of Shareholders, held on 22.6.2010, has appointed as auditors of the semi annual and annual financial statements for 2010 the following:

Principal Auditors: Nikolaos E. Vouniseas Charalambos G. Sirounis

Substitute Auditors: Nikolaos Ch. Tsiboukas

John A. Achilas

of KPMG Certified Auditors A.E.

The Bank's shares have been listed in the Athens Stock Exchange since 1925. As at September 30, 2010 Alpha Bank was ranked sixth in terms of market capitalization.

Additionally, the Bank's share is included in a series of international indices, such as S&P Europe 350, FTSEurofirst 300, DJ Euro Stoxx and FTSE4 Good.

Apart from the Greek listing, the shares of the Bank are listed in the London Stock Exchange in the form of international certificates (GDRs) and they are traded over the counter in New York (ADRs).

As at 30 September 2010 the Bank has 534,269,648 ordinary and 200,000,000 preference shares in issue.

During the nine month period of 2010 an average of 2,574,904 shares have been traded daily.

The credit rating of the Bank performed by three international credit rating agencies is as follows:

Moody's: Ba1
Fitch Ratings: BBB-
Standard & Poor's: BB

The financial statements were approved by the Board of Directors on November 23, 2010.

ACCOUNTING POLICIES APPLIED

1. Basis of presentation

The Group has prepared the condensed interim financial statements as at 30.9.2010 in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.

The financial statements have been prepared on the historical cost basis except for the following assets and liabilities which are measured at fair value:

Securities held for trading
Derivative financial instruments
Available for sale securities

The financial statements are presented in Euro, rounded to the nearest thousand, unless otherwise indicated.

The estimates and judgments applied by the Group in preparing the financial statements are based on historical information and assumptions which at present are considered appropriate.

The estimates and assumptions are reviewed on an on going basis to take into account current conditions and the effect of any revisions is recognized in the period in which the estimate is revised.

The accounting policies applied by the Group in preparing the condensed interim financial statements are consistent with those stated in the published financial statements for the year ended 31.12.2009, after taking into account the following:

• Amendment of International Accounting Standard 27 "Consolidated and Separate Financial Statements" and International Financial Reporting Standard 3 "Business combinations" (Regulations 494-495/3.6.2009)

The main changes from the amended standards issued on 10 January 2008 are summarized as follows:

i. In cases of changes in ownership interests of subsidiaries with which control is obtained or lost, the value of the investment existed prior to the change of ownership interest or the remaining ownership interest, should be measured at fair value with changes recognized in profit and loss account.
ii. Upon initial recognition non-controlling interests might be measured at fair value. In addition non-controlling interests should absorb the total losses incurred attributable to their interest.
iii. Any contingent consideration from the acquisition of an entity is recognized as a liability and measured at fair value.
iv. Costs incurred by the acquirer are not included in the cost of a business combination but are expensed.

In addition, changes in a parent's ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The Group had already implemented the above accounting policy.

In addition, the Group applied from 1.1.2010 the following amendments and interpretations which were issued by the International Accounting Standards Board (IASB), adopted by the European Union but had no substantial impact on its financial statements:

Amendment of International Financial Reporting Standard 1 "First time adoption of International Financial Reporting Standards" (Regulation 1136/25.11.2009)
Amendment of International Financial Reporting Standard 1 "Additional Exemptions for first-time adopters" (Regulation 550/23.6.2010)
Amendment of International Financial Reporting Standard 2 "Share-based payments-Group cash settled share-based payment transactions" (Regulation 244/23.3.2010)
Amendment of International Accounting Standard 39 "Financial Instruments: Recognition and Measurement" concerning eligible hedged items (Regulation 839/15.9.2009)
Improvements to International Accounting Standards: Amendment of IFRS 5 "Non-current assets held for sale and discontinued operations" (Regulation 70/23.1.2009)
Improvements to International Accounting Standards (Regulation 243/23.3.2010)
Interpretation 17 "Distribution of non-cash assets to owners" (Regulation 1142/26.11.2009)
Interpretation 18 "Transfer of assets from customers" (Regulation 1164/27.11.2009)

The adoption by the European Union, by 31.12.2010, of new standards, interpretations or amendments, which have been issued or may be issued during the year by the International Accounting Standards Board (IASB), and their mandatory or optional adoption for periods beginning on or after 1.1.2010 may retrospectively affect the periods presented in these interim financial statements.

INCOME STATEMENT

2. Impairment losses and provisions to cover credit risk

	From 1 January to		From 1 July to
	30.9.2010	30.9.2009	30.9.2010	30.9.2009
Impairment losses on loans and advances to customers Reversal of impairment losses on due from banks	661,540	515,032 (4)	223,225	177,368
Provisions to cover credit risk relating to off balance
sheet items	(187)	(4,313)	(125)	(2,290)
Recoveries	(17,032)	(13,970)	(42)	(5,048)
Total	644,321	496,745	223,058	170,030

3. Income tax

In accordance with Greek tax Law, up to 2009, profits of entities operating in Greece were taxed at a rate of 25%. According to Law 3697/2008 the tax rate for 2010 is 24% and will be reduced by one percent each year until the rate reaches 20% in 2014 and thereafter.

In accordance with Law 3842/2010, a tax rate of 40% is imposed on distributed or capitalized profits of legal entities from 1.1.2011, while undistributed profits are taxed according to the current tax rate. After the payment of a tax rate 40% there is no further tax obligation for the beneficiary legal entity, while the individual beneficiary is subject to tax under the prevailing tax framework. The above is also applicable to prior year profits that will be either distributed or capitalized from 1.1.2011 and thereon.

The tax rates of years 2009 and 2010 of the subsidiaries and the Bank's branches operating abroad, are as follows:

Cyprus	10
Bulgaria	10
Serbia	10
Romania	16
FYROM	10 (1)
Albania	10
Ukraine	25
Jersey	10
United Kingdom	28
Luxembourg	28.59

In accordance with article 10, paragraph 3 of Law 3842/1010, the portion of the credit balance arising from the banks' income tax statements for the fiscal year 2010 (accounting year 1.1 - 31.12.2009), relevant to withholding tax on interest of bonds of any kind will not be returned.

In accordance with article 5 of Law 3845/6.5.2010 "Measures for the implementation of the supporting mechanism of the Greek economy through the Eurozone Member-States and the International Monetary Fund" an extraordinary tax was imposed to legal entities for social responsibility purposes and is calculated on the total net income for fiscal year 2010 (accounting year 1.1 - 31.12.2009) provided that it exceeds € 100,000. The extraordinary tax is imposed on profits before income tax as reported under International Financial Reporting Standards (IFRS), only if these are greater than the total taxable profits.

According to the above, the extraordinary tax recognized in the Consolidated Financial Statements as at 30.9.2010 amounts to € 61.9 million.

⁽¹⁾From 1.1.2009 non distributable profits are not subject to tax. When distributed they are taxed at the effective rate on the date of distribution.

The income tax expense is analysed as follows:

	From 1 January to		From 1 July to
	30.9.2010	30.9.2009	30.9.2010	30.9.2009
Current	56,559	61,283	14,516	33,079
Deferred	(2,319)	30,125	(730)	4,863
Total	54,240	91,408	13,786	37,942
Extraordinary tax (Law 3845/2010)	61,879

Deferred tax recognized in the income statement is attributable to temporary differences the effects of which are analyzed as follows:

	From 1 January to		From 1 July to
	30.9.2010	30.9.2009	30.9.2010	30.9.2009
Depreciation and fixed assets write-offs	3,946	2,305	2,332	1,030
Valuation of loans	64,194	(4,237)	17,541	13,654
Suspension of interest accruals	31,768	22,404	17,396	10,543
Loans impairment	(75,021)	(28,191)	(26,422)	(11,427)
Employee defined benefit obligations	12,975	13,399	(891)	(1,128)
Valuation of derivatives	(49,544)	19,143	(16,509)	(9,296)
Application of effective interest rate	2,829	5,610	674	3,316
Valuation of liabilities to credit institutions and other borrowed
funds due to fair value hedge	(8,547)	(1,384)	492	(113)
Valuation of bonds	15,727	7,450	6,274	(1,946)
Valuation of other securities	(81)	(741)	224	(378)
Tax losses carried forward	(1,860)	385	(1,313)	797
Other temporary differences	1,295	(6,018)	(528)	(189)
Total	(2,319)	30,125	(730)	4,863

A reconciliation between the effective and nominal tax rate is provided below:

	From 1 January to				From 1 July to
	30.9.2010			30.9.2009		30.9.2010	30.9.2009
	%		%		%		%
Profit before income tax		191,897		435,222		51,204		167,894
Income tax (tax rate)	19.23	36,903	23.74	103,307	17.93	9,181	24.06	40,390
Increase/(decrease) due to:
Additional tax on income
of fixed assets	0.09	169	0.05	215	0.11	55	0.04	68
Non taxable income	(0.35)	(665)	(4.88)	(21,249)	0.67	344	(6.54)	(10,986)
Non deductible expenses	1.05	2,018	0.84	3,662	1.55	792	0.99	1,655
Withholding tax that has not
been offset	2.61	5,000			3.87	1,983
Other temporary differences	5.64	10,815	1.25	5,473	2.79	1,431	4.05	6,815
Income tax
(effective tax rate)	28.27	54,240	21.00	91,408	26.92	13,786	22.60	37,942

The income tax rate of 19.23% for the nine month period of 2010 and 23.74% for the nine month period of 2009 is the weighted average nominal tax rate based on the nominal income tax rate and the profit before tax of the Group's subsidiaries.

Income tax of other comprehensive income recognized directly in Equity
		From 1 January to
		30.9.2010		30.9.2009
	Before income tax	Income tax	After income tax	Before income tax	Income tax	After income tax
Change in available for sale securities reserve	(161,370)	39,085	(122,285)	63,058	(11,585)	51,473
Change in cash flow hedge reserve	(40,602)	9,744	(30,858)
Exchange differences on translating and hedging the net investment in foreign
operations	(13,557)	225	(13,332)	(19,524)	(1,185)	(20,709)
Total	(215,529)	49,054	(166,475)	43,534	(12,770)	30,764

	From 1 July to
		30.9.2010		30.9.2009
	Before income tax	Income tax	After income tax	Before income tax	Income tax	After income tax
Change in available for sale securities reserve	(33,955)	7,798	(26,157)	(12,130)	6,993	(5,137)
Change in cash flow hedge reserve	61	(15)	46
Exchange differences on translating and hedging the net investment in foreign
operations	(11,714)	477	(11,237)	(9,739)	(1,163)	(10,902)
Total	(45,608)	8,260	(37,348)	(21,869)	5,830	(16,039)

4. Earnings per share

a. Basic

Basic earnings per share is calculated by dividing the profit after income tax for the period, attributable to ordinary equity owners of the Bank, by the weighted average number of ordinary shares outstanding, after deducting the weighted average number of treasury shares held by Group companies, during the period.

b. Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

The Group does not have dilutive potential ordinary shares and additionally, based on the preference shares' terms of issuance, basic and dilutive earnings per share should not differ.

	From 1 January to		From 1 July to
	30.9.2010	30.9.2009	30.9.2010	30.9.2009
Profit attributable to ordinary equity owners of the Bank less the return on preference shares of the
Greek State (Law 3723/2008)	21,387	309,926	19,064	103,356
Weighted average number of outstanding ordinary shares	534,269,648	445,716,692	534,269,648	447,175,932
Basic and diluted earnings per share (in €)	0.04	0.70	0.04	0.23

Prior periods' earnings per share have been adjusted compared to the published one's due to the Bank's share capital increase through cash payment on 30.11.2009, and the issuance of 123,292,996 new common registered shares with a privilege issue price of € 8.00 each.

ASSETS

5. Loans and advances to customers

	30.9.2010	31.12.2009
Individuals:
Mortgages:
- Non-Securitized	12,788,557	11,040,759
- Securitized	1,365,526	2,713,146
Consumer:
- Non-Securitized	2,713,691	3,404,039
- Securitized	1,991,241	1,464,555
Credit cards:
- Non-Securitized	454,510	1,277,859
- Securitized	734,109
Other	72,586	78,501
Total	20,120,220	19,978,859
Companies:
Corporate loans:
- Non-Securitized	26,497,519	26,878,943
- Securitized	3,187,486	3,196,024
Leasing:
- Non-Securitized	750,692	849,967
- Securitized	464,064	486,072
Factoring	559,163	634,977
Total	31,458,924	32,045,983

Receivables from insurance and re-insurance activities	10,686	10,430
Other receivables	450,123	1,007,475
	52,039,953	53,042,747
Less:
Allowance for impairment losses (1)	(2,097,132)	(1,642,808)
Total	49,942,821	51,399,939

Allowance for impairment losses

Balance 1.1.2009 Changes for the period 1.1 - 30.09.2009	1,275,994
Change in present value of impairment reserve	56,502
Foreign exchange differences	(2,204)
Impairment losses for the period (note 2)	515,032
Loans written-off during the period	(293,837)
Balance 30.09.2009	1,551,487
Changes for the period 1.10 - 31.12.2009
Change in present value of impairment reserve	25,043
Foreign exchange differences	12,789
Impairment losses for the period	183,568
Loans written-off during the period	(130,079)
Balance 31.12.2009	1,642,808
Changes for the period 1.1 - 30.09.2010
Change in present value of impairment reserve	92,738
Foreign exchange differences	1,915
Impairment losses for the period (note 2)	661,540
Loans written-off during the period	(301,869)
Balance 30.09.2010	2,097,132

⁽¹⁾ In addition to the allowance for impairment losses, an additional provision of € 337 (31.12.2009: € 521) has been recorded to cover credit risk relating to off-balance sheet items. The total provision recorded to cover credit risk amounts to € 2,097,469 (31.12.2009: € 1,643,329).

The Bank and Alpha Leasing A.E. have proceeded in securitizing mortgage, consumer and corporate loans, credit cards and finance leases through special purpose entities controlled by them.

Based on the contractual terms and structure of the above transactions (e.g. allowance of guarantees or/and credit enhancement or due to the bank owning the bonds issued by the special purpose entities) the Bank and Alpha Leasing AE retained in all cases the risks and rewards deriving from securitized portfolios.

The Bank, during the nine month period of 2010, securitized a portion of the credit cards and revolving consumer loans portfolio, through the special purpose entity Pisti 2010-1 Plc.

In accordance with amendments to IAS 39, in the third quarter of 2008 the Group reclassified securities of € 21.7 million from the available for sale portfolio to the loans portfolio since these securities are not traded in an active market and the Group had the intention to hold them in the foreseeable future. The above securities were impaired as of 31.12.2009 by an amount of € 20.1 million. In 2010, the Group sold the above mentioned securities and recorded € 3.3 million gain in profit and loss of the respective period.

The finance lease receivables by duration are as follows:

	30.9.2010	31.12.2009
Up to 1 year	396,210	410,493
From 1 year to 5 years	489,283	546,021
More than 5 years	576,277	597,551
	1,461,770	1,554,065
Non accrued finance lease income	(247,014)	(218,026)
Total	1,214,756	1,336,039

The net amount of financial lease receivables by duration is analyzed as follows:

	30.9.2010	31.12.2009
Up to 1 year	359,086	374,047
From 1 year to 5 years	389,049	453,958
More than 5 years	466,621	508,034
Total	1,214,756	1,336,039

6. Investment securities

a) Available for sale

The available for sale portfolio amounts to € 2.4 billion on 30.9.2010 compared to € 1.4 billion on 31.12.2009. The aforementioned amounts include Greek state securities that amount to € 1.1 billion and € 0.1 billion respectively.

b) Held to maturity

The held to maturity portfolio amounts to € 5.2 billion on 30.9.2010 compared to € 4.9 billion on 31.12.2009. The aforementioned amounts include Greek State securities that amount to € 4 billion and € 2.6 billion respectively.

The Bank during the first quarter of 2009 securitized bonds through the special purpose entity Talanto Plc.

On 17.5.2010 the Bank's Executive Committee approved the redemption and termination of the above transaction, which was completed during the second quarter of 2010.

7. Investment property

	Land and Buildings
Balance 1.1.2009 Cost Accumulated depreciation	72,244 (5,369)
1.1.2009 - 30.9.2009 Net book value 1.1.2009 Foreign exchange differences Additions Reclassification from "Property, plant and equipment" Depreciation charge for the period Net book value 30.9.2009	66,875 158 1,069 5,555 (568) 73,089
Balance 30.9.2009 Cost Accumulated depreciation	79,806 (6,717)
1.10.2009 - 31.12.2009 Net book value 1.10.2009 Foreign exchange differences Disposals Depreciation charge for the period Net book value 31.12.2009	73,089 (217) (2) (202) 72,668
Balance 31.12.2009 Cost Accumulated depreciation	79,570 (6,902)
1.1.2010 - 30.9.2010 Net book value 1.1.2010 Foreign exchange differences Depreciation charge for the period Net book value 30.9.2010	72,668 (132) (598) 71,938
Balance 30.9.2010 Cost Accumulated depreciation	79,416 (7,478)

The reclassification of € 5,555, during the nine month period of 2009, from property, plant and equipment concerns a building that has been leased.

8. Property, plant and equipment

	Land and Buildings	Leased Equipment	Equipment	Total
Balance 1.1.2009
Cost	1,373,990	2,814	454,795	1,831,599
Accumulated depreciation	(253,339)	(1,007)	(323,013)	(577,359)
1.1.2009 - 30.9.2009
Net book value 1.1.2009	1,120,651	1,807	131,782	1,254,240
Foreign exchange differences	(4,691)	(18)	(1,591)	(6,300)
Additions	34,940	12,664	22,626	70,230
Disposals	(1,169)	(2,304)	(1,056)	(4,529)
Additions from companies consolidated for the first time
in the nine month period of 2009	10,594			10,594
Reclassification to "Investment property"	(5,555)			(5,555)
Other reclassifications		276	(276)
Depreciation charge for the period	(20,702)	(1,889)	(26,282)	(48,873)
Net book value 30.9.2009	1,134,068	10,536	125,203	1,269,807
Balance 30.9.2009
Cost	1,405,224	13,132	469,071	1,887,427
Accumulated depreciation	(271,156)	(2,596)	(343,868)	(617,620)
1.10.2009 - 31.12.2009
Net book value 1.10.2009	1,134,068	10,536	125,203	1,269,807
Foreign exchange differences	(1,080)	(79)	(31)	(1,190)
Additions	5,009	79	4,697	9,785
Disposals	(3,122)	(802)	(247)	(4,171)
Other reclassifications	(306)	144	162
Depreciation charge for the period	(7,625)	(498)	(7,657)	(15,780)
Net book value 31.12.2009	1,126,944	9,380	122,127	1,258,451
Balance 31.12.2009
Cost	1,404,715	12,191	471,015	1,887,921
Accumulated depreciation	(277,771)	(2,811)	(348,888)	(629,470)
1.1.2010 - 30.9.2010
Net book value 1.1.2010	1,126,944	9,380	122,127	1,258,451
Foreign exchange differences	(4,605)	(59)	(615)	(5,279)
Additions	21,158	312	19,225	40,695
Disposals	(222)	(2,619)	(303)	(3,144)
Depreciation charge for the period	(22,074)	(1,331)	(23,969)	(47,374)
Net book value 30.9.2010	1,121,201	5,683	116,465	1,243,349
Balance 30.9.2010
Cost	1,419,003	8,971	485,506	1,913,480
Accumulated depreciation	(297,802)	(3,288)	(369,041)	(670,131)

9. Goodwill and other intangible assets

	Goodwill	Software	Other intangible	Total
Balance 1.1.2009
Cost	52,036	227,612	37,983	317,631
Accumulated amortization		(144,777)	(12,893)	(157,670)
1.1.2009 - 30.9.2009
Net book value 1.1.2009	52,036	82,835	25,090	159,961
Foreign exchange differences	(1,725)	(428)	(436)	(2,589)
Additions		23,108	11,642	34,750
Other reclassifications		(61)	61
Disposals			(338)	(338)
Amortization charge for the period		(15,863)	(3,596)	(19,459)
Net book value 30.9.2009	50,311	89,591	32,423	172,325
Balance 30.9.2009
Cost	50,311	250,111	48,520	348,942
Accumulated amortization		(160,520)	(16,097)	(176,617)
1.10.2009 - 31.12.2009
Net book value 1.10.2009	50,311	89,591	32,423	172,325
Foreign exchange differences	(1,500)	(95)	(61)	(1,656)
Additions		10,779	3,653	14,432
Disposals		(109)		(109)
Amortization charge for the period Net book value 31.12.2009		(5,552)	(1,331)	(6,883)
	48,811	94,614	34,684	178,109
Balance 31.12.2009
Cost Accumulated amortization	48,811	260,424	51,718	360,953
		(165,810)	(17,034)	(182,844)
1.1.2010 - 30.9.2010
Net book value 1.1.2010	48,811	94,614	34,684	178,109
Foreign exchange differences Additions	(4,430)	(369)	(175)	(4,974)
Disposals		37,492	1,205	38,697
Amortization charge for the period		(10) (16,922)	(4,037)	(10) (20,959)
Net book value 30.9.2010	44,381	114,805	31,677	190,863

Balance 30.9.2010 Cost	44,381	297,310	51,451	393,142
Accumulated amortization		(182,505)	(19,774)	(202,279)

LIABILITIES

10. Due to banks

	30.9.2010	31.12.2009
Deposits:
- Current accounts	88,914	96,599
- Term deposits:
▪ European Central Bank	13,910,359	10,285,015
▪ Other credit institutions	587,141	1,555,206
Sale and repurchase agreements (Repos)	380,054	490,203
Borrowing funds	546,482	808,416
Total	15,512,950	13,235,439

11. Debt securities in issue and other borrowed funds

a. Short-term

Securities (ECP)

Balance 1.1.2010	89,411
Changes for the period 1.1 – 30.9.2010
New issues	91,188
Maturities/Redemptions	(181,126)
Accrued interest	171
Foreign exchange differences	356
Balance 30.9.2010	-

The short-term securities (ECP) pay an average spread of 30 basis points over Euribor of the respective period.

b. Long-term

i. Issues guaranteed by the Greek State (Law 3723/2008)

According to Law 3723/2008 for the enhancement of the Greek economy's liquidity program, the Bank proceeded during the period 1.1-30.9.2010, to the issuance of new senior debt securities guaranteed by the Greek State as follows:

On 30.4.2010 an amount of € 2.1 billion, with a three year duration and bearing an interest rate of three month Euribor plus a spread of 3%.
On 10.5.2010 an amount of € 440 million, with a three year duration and bearing an interest rate of three month Euribor plus a spread of 4.5%.
On 24.6.2010 an amount of € 2.3 billion, with a three year duration and bearing an interest rate of three month Euribor plus a spread of 4%.

The balance of senior debt securities issued by the Bank and guaranteed by the Greek State as at 30.9.2010 amounts to € 5.9 billion.

The above mentioned securities are not presented in the "Debt securities in issue and other borrowed funds", as they are held by the Bank.

ii. Covered bonds

According to the covered bond program, which provides direct issuance from the Bank up to the amount of € 8 billion, the Bank proceeded with the following issues:

● On 23.7.2010 an amount of € 1 billion, maturing on 23.7.2014 and bearing the interest rate of the European Central Bank plus a spread of 1.5%.

● On 28.9.2010 an amount of € 1 billion, maturing on 23.7.2015 and bearing the interest rate of the European Central Bank plus a spread of 1.6%.

The covered bonds are not included in the "Debt securities in issue and other borrowed funds" as they are held by the Bank (1).

iii. Senior debt securities

Balance 1.1.2010	6,167,188
Changes for the period 1.1 – 30.9.2010
New issues	123,820
(Purchases)/sales by Group companies	(356,020)
Maturities/Redemptions	(1,821,278)
Fair value change due to hedging	25,852
Accrued interest	(18,074)
Foreign exchange differences	10,491
Balance 30.9.2010	4,131,979

The following securities are included in the amount of "new issues":

nominal value of € 20 million maturing on 25.1.2012, bearing a fixed three month interest rate of 2.25%, which gradually increases by 50 basis points on semi-annual basis from 26.7.2010.
nominal value of € 20 million maturing on 25.1.2013, bearing a fixed three month interest rate of 2.60%, which gradually incrases by 90 basis points on an annual basis.
nominal value of € 10 million maturing on 5.2.2013, bearing a fixed three month interest rate of 2.50%, which gradually increases to 2.75% from 5.8.2010, to 3.30% from 7.2.2011 and to 4.30% from 6.2.2012.
nominal value of € 10 million maturing on 5.2.2014, bearing a fixed three month interest rate of 2.75%, which gradually increases to 3.75% from 7.2.2011, to 4.30% from 6.2.2012 and to 5.20% from 5.2.2013.
9 issues in Euro of a total nominal value amounting to € 41 million, with a duration from three up to four years, bearing a fixed interest rate or a fixed interest rate which gradually increases.
8 issues in USD of a total nominal value amounting to USD 30 million, with a duration from three up to four years, bearing a fixed interest rate or a fixed interest rate which gradually increases.

It is noted that the issues redempted during the period have been exempted from the amount of the new senior debt securities of the same period.

Additionally, the amount of maturities/redemptions relates mainly to maturities of issues amounting to € 1,162 million.

iv. Subordinated debt

Balance 1.1.2010	825,320
Changes for the period 1.1 – 30.9.2010
(Purchases)/Sales by Group companies	(25,421)
Fair value change due to hedging	10,529
Accrued interest	(1,523)
Foreign exchange differences	38,990
Balance 30.9.2010	847,895
Total of Debt securities in issue and other borrowed funds	4,979,874

From the above debt securities in issue which amount to € 4,979,874 an amount of € 1,509,700 (31.12.2009: € 1,929,938) held by Bank customers, has been reclassified to "Due from customers". Therefore, the balance of "Debt securities in issue held by institutional investors and other borrowed funds" as at 30 September 2010, amounts to € 3,470,174 (31.12.2009: € 5,148,875).

In addition, bonds of € 7.2 billion from the securitization of consumer and corporate loans, credit cards and finance lease loans as well as the issuance of covered bonds with a secured portfolio that consists of collaterized mortgage loans, are not presented in "Debt securities in issue and other borrowed funds" since these securities, issued by Group

⁽¹⁾Financial disclosure regarding covered bond issues, as determined by the 2620/28.08.09 directive of Bank of Greece, will be published at the Bank's website.

companies, are held by the Group (1). On 24.9.2010 bonds amounting to € 1 billion, issued by the special purpose entity Alpha Covered Bonds Plc under the indirect covered bond program, were cancelled.

Part of these bonds that have been rated by credit rating agencies has been accepted as collateral by the Bank of Greece for monetary policy purposes.

12. Provisions

	30.9.2010	31.12.2009
Insurance provisions	56,385	45,309
Provisions to cover credit risk and other provisions	8,630	9,748
Total	65,015	55,057

a. Insurance provisions

	30.9.2010	31.12.2009
Non-life insurance
Unearned premiums	5,523	5,537
Outstanding claim reserves	5,585	4,477
Total	11,108	10,014
Life insurance
Mathematical reserves	18,741	9,144
Outstanding claim reserves	2,097	2,428
Total	20,838	11,572
Reserves for investments held on behalf and at risk of life insurance
policy holders	24,439	23,723
Total	56,385	45,309

b. Provisions to cover credit risk and other provisions

Balance 1.1.2009 Changes for the period 1.1 - 30.9.2009	13,493
Reversal of provisions to cover credit risk relating to off balance sheet items	(4,313)
Other provisions	2,785
Provisions used during the period	(177)
Foreign exchange differences	(44)
Balance 30.9.2009	11,744
Changes for the period 1.10 - 31.12.2009
Reversal of provisions to cover credit risk relating to off balance sheet items	(2,325)
Other provisions	1,111
Provisions used during the period	(672)
Foreign exchange differences	(110)
Balance 31.12.2009	9,748
Changes for the period 1.1 - 30.9.2010
Reversal of provisions to cover credit risk relating to off balance sheet items and other provisions	(772)
Foreign exchange differences	(346)
Balance 30.9.2010	8,630

The amount of other provisions is included in "Other expenses" of the income statement.

⁽¹⁾Financial disclosure regarding covered bond issues, as determined by the 2620/28.08.09 directive of Bank of Greece, will be published at the Bank's website.

EQUITY

13. Share capital and Retained Earnings

a) Share capital

The Bank's share capital as of 31.12.2009 and 30.9.2010 is analysed as follows:

	Number of Common Shares	Number of Preference Shares	Paid-in capital
Opening balance 1.1.2009	410,976,652		1,931,590
Share capital increase through the issuance of new preference, non-voting, paper and redeemable shares according to Law 3723/2008		200,000,000	940,000
Share capital increase through cash payment with the issuance of new common, registered, voting, non paper shares of nominal value €4.70 each and issue
price €8.00 each Balance 31.12.2009/30.9.2010	123,292,996 534,269,648	200,000,000	579,477 3,451,067

According to the article 39 of Law 3844/3.5.2010 which amended Law 3723/9.12.2008, the return on preference shares has a step up feature of 2% annually, if after five years following the issuance, the preference shares have not been redeemed.

The Bank has recognized the preference shares as part of its equity and the related return for the nine month period of 2010 amounts to € 54.1 million after income tax.

b) Retained earnings

According to article 28 of Law 3756/2009 as amended by Law 3844/3.5.2010, credit institutions participating in the programs referring to the enhancement of economy's liquidity of Law 3723/2008 may distribute dividend for 2009 only in the form of shares.

The Bank's Ordinary General Meeting of Shareholders held on 22.6.2010 decided the following:

the payment to the Greek State of € 57.9 million regarding the accrued return on it's preference shares of the year 2009, according to the Bank's Articles of Incorporation,
not to distribute dividends to Bank's common shareholders for the year 2009 and
to form statutory reserve amounting to € 21.4 million.

ADDITIONAL INFORMATION

14. Contingent liabilities and commitments

a) Legal issues

The Bank, in the ordinary course of business, is a defendant in claims from customers and other legal proceedings. No provision has been recorded because after consultation with legal department, the ultimate disposition of these matters is not expected to have a material effect on the financial position or operations of the Bank.

There are no pending legal cases or issues in progress which may have a material impact on the financial statements or operations of the other companies of the Group. However, the Group recorded a provision amounting to € 3.4 million for various pending legal cases.

b) Tax issues

The Bank and its branches in Bulgaria and London have been audited by the tax authorities for the years up to and including 2007, while its branches in Albania up to and including 2009. Since 11.11.2010 a tax audit of the Bank is conducted for the years 2008 and 2009.

The Group's subsidiaries have been audited by the tax authorities up to and including the year indicated in the table below:

Name	Year
Banks
1. Alpha Bank London Ltd	2008
2. Alpha Bank Cyprus Ltd	2007
3. Alpha Bank Romania S.A.	2006
4. Alpha Bank AD Skopje (tax audit is in progress for years from 2007 - 2009)	1997
5. Alpha Bank Jersey Ltd	2007
6. Alpha Bank Srbija A.D.	2004
7. JSC Astra Bank (commencement of operation 2008)	*
Leasing companies
1. Alpha Leasing A.E.	2007
2. Alpha Leasing Romania IFN S.A.	2007
3. ABC Factors A.E.	2008
4. Alpha Asset Finance C.I. Ltd (commencement of operation 2005)	*
Investment Banking
1. Alpha Finance A.E.Π.Ε.Υ.	2007
2. Alpha Finance US Corporation	2001
3. SSIF Alpha Finance Romania S.A. (tax audit is in progress for years from 2003 – 2007)	2002
4. Alpha Ventures Α.Ε.	2006
5. Alpha Ventures Capital Management - ΑΚΕS (commencement of operation 2008)	*
Asset Management
1. Alpha Asset Management Α.Ε.D.Α.Κ.	2003
2. ABL Independent Financial Advisers Ltd	2008
Insurance
1. Alpha Insurance Agents Α.Ε.	2006
2. Alpha Insurance Ltd (tax audit is in progress for years from 2007 - 2008)	2006
3. Alpha Insurance Brokers S.R.L.	2005
4. Alphalife A.A.E.Z. (commencement of operation 2007)	*

^* These companies have not been audited by the tax authorities since the commencement of their operations.

Name	Year
Real Estate and Hotel
1. Alpha Astika Akinita Α.Ε.	2005
2. Ionian Hotel Enterprises Α.Ε.	2005
3. Oceanos Α.Τ.Ο.Ε.Ε.	2006
4. Alpha Real Estate D.O.O. Beograd	2008
5. Alpha Astika Akinita D.O.O.E.L. Skopje	2007
6. Alpha Real Estate Bulgaria E.O.O.D.	2006
7. Chardash Trading E.O.O.D. (commencement of operation 2006)	*
8. Alpha Astika Akinita Romania S.R.L.	1998
Special purpose entities and holding entities
1. Alpha Credit Group Plc	2008
2. Alpha Group Jersey Ltd	2007
3. Alpha Group Investments Ltd	2007
4. Ionian Holdings Α.Ε.	2006
5. Messana Holdings S.A.	2008
6. Ionian Equity Participations Ltd (commencement of operation 2006)	*
7. ABL Holdings Jersey Ltd	2007
8. Alpha Covered Bonds Plc (commencement of operation 2008)	*
9. Katanalotika Plc (commencement of operation 2008)	*
10. Epihiro Plc (commencement of operation 2009)	*
11. Irida Plc (commencement of operation 2009)	*
12. Pisti 2010 - 1 Plc (commencement of operation 2010)
13. AGI – BRE Participations 1 Ltd (commencement of operation 2010)
14. AGI – RRE Participations 1 Ltd (commencement of operation 2010)
15. AGI – RRE Participations 1 S.R.L. (commencement of operation 2010)
16. AGI – BRE Participations 1 E.O.O.D. (commencement of operation 2010)
Other companies
1. Alpha Bank London Nominees Ltd	**
2. Alpha Trustees Ltd	2002
3. Flagbright Ltd	**
4. Evremathea Α.Ε.	2006
5. Κafe Alpha A.E. (commencement of operation 2006)	*
6. Alpha Supporting Services Α.Ε. (commencement of operation 2007)	*
7. Real Car Rental A.E. (commencement of operation 2009)	*

Additional taxes and penalties may be imposed for the unaudited years.

c) Operating leases

The Group's minimum future lease payments are:

	30.9.2010	31.12.2009
► less than one year	51,351	56,358
► between one and five years	169,459	179,472
► more than five years	251,950	272,136
Total	472,760	507,966

^* These companies have not been audited by the tax authorities since the commencement of their operations.

^** These companies are not subject to tax audit.

The minimum future lease revenues are:

	30.9.2010	31.12.2009
► less than one year	4,847	5,928
► between one and five years	13,491	17,441
► more than five years	5,213	6,426
Total	23,551	29,795

d) Off balance sheet liabilities

The Group pursuant to its normal operations, is binded by contractual commitments, that in the future may result to changes in its asset structure. These commitments are monitored in off balance sheet accounts. The contractual commitments, that the Group has undertaken relate to letters of credit, letters of guarantee, undrawn credit facilities.

Letters of credit are used to facilitate trading activities and relate to the financing of contractual agreements for the transfer of goods domestically or abroad, by undertaking the direct payment of the third party bind by the agreement on behalf of the Group's client. Letters of credit, as well as letters of guarantee, are commitments under specific terms and are issued by the Group for the purpose of ensuring that its clients will fulfill the terms of their contractual obligations.

Undrawn credit facilities are loan agreements that may not be fulfilled immediately or may be partially fulfilled. The amount presented in the table below represent part of the agreed loan agreements and credit limits which remain unused.

The Group's off balance sheet items are summarized below:

	30.9.2010	31.12.2009
Letters of credit	80,602	243,782
Letters of guarantee	5,284,177	5,650,394
Undrawn loan agreements and credit limits	17,995,565	17,511,502
Total	23,360,344	23,405,678

e) Assets pledged

	30.9.2010	31.12.2009
Assets pledged	22,606,914	18,772,442

Assets pledged include:

Loans and advances to customers amounting to € 5.3 billion from which:
i. An amount of € 2.8 billion has been pledged as collateral to the Bank of Greece in accordance with the Monetary Policy Council Act No 54/27.2.2004 as in force. With this act the Bank of Greece accepts as collateral, for monetary policy purposes and intraday credit non marketable assets, which should meet the terms and conditions of the above act.
ii. An amount of € 2.2 billion has been granted as collateral to the Greek State in order for the Bank to receive securities issued by the Greek State that amount to € 1.6 billion in accordance with Law 3723/2008.
iii. An amount of € 256 million has been granted to the Cyprus State from Alpha Bank Cyprus Ltd in order for the Bank to receive securities issued by the Cyprus State in accordance with Law 118(I) of 2009.
Securities of the loan, held for trading and investment portfolio as well as securities from Reverse Repos amounting to € 17.3 billion out of which:
i. An amount of € 4 billion arises from the securitization of mortgage, consumer, corporate loans, credit cards and receivables from finance lease loans.
ii. An amount of € 1 billion relates to the issuance of a covered bond secured by mortgage loans.
iii. An amount of € 5.9 million relates to securities issued with the guarantee of the Greek State in accordance with Law 3723/2008.
iv. An amount of € 6.4 billion relates to Greek State bonds and other bonds.

All the aforementioned securities are pledged as collateral to the Bank of Greece for the participation in the Intra-Europe clearing of payments system on an ongoing time (TARGET), to the European Central Bank in order to participate in main refinancing operations, to the derivative transaction clearing company, as well as to the European Investment Bank.

f) Other pledges

• On 7.5.2008 the Bank completed a new Medium Term Notes Program amounting to USD 7.5 billion, according to Rule 144A of the American Law, which will be offered to institutional investors. The issuer will be Alpha Group Jersey Limited, a wholly owned subsidiary of the Bank. The Notes will be guaranteed by the Bank and will be traded in Luxembourg's stock exchange. The program is valid but for the time being it remains inactive.

15. Group consolidated companies

The consolidated financial statements apart from the parent company ALPHA BANK include the following entities:

Α. SUBSIDIARIES

	Country of		Group's ownership interest %
Name	Incorporation	30.9.2010	31.12.2009
Banks
1. Alpha Bank London Ltd	United Kingdom	100.00	100.00
2. Alpha Bank Cyprus Ltd	Cyprus	100.00	100.00
3. Alpha Bank Romania S.A. (19a, 19j)	Romania	99.92	99.91
4. Alpha Bank AD Skopje	FYROM	100.00	100.00
5. Alpha Bank Jersey Ltd *	Jersey	100.00	100.00
6. Alpha Bank Srbija A.D.	Serbia	100.00	100.00
7. JSC Astra Bank (19i, 19n)	Ukraine	100.00	97.01
Leasing Companies
1. Alpha Leasing A.E.	Greece	100.00	100.00
2. Alpha Leasing Romania IFN S.A. (19j)	Romania	100.00	99.99
3. ABC Factors A.E.	Greece	100.00	100.00
4. Alpha Asset Finance C.I. Ltd	Jersey	100.00	100.00
Investment Banking
1. Alpha Finance A.E.Π.Ε.Υ.	Greece	100.00	100.00
2. Alpha Finance US Corporation	U.S.A.	100.00	100.00
3. SSIF Alpha Finance Romania S.A. (19j)	Romania	100.00	99.98
4. Alpha Ventures Α.Ε.	Greece	100.00	100.00
5. Alpha Ventures Capital Management – AKES	Greece	100.00	100.00
Asset Management
1. Alpha Asset Management Α.Ε.D.Α.Κ.	Greece	100.00	100.00
2. ABL Independent Financial Advisers Ltd	United Kingdom	100.00	100.00
Insurance
1. Alpha Insurance Agents Α.Ε.	Greece	100.00	100.00
2. Alpha Insurance Ltd	Cyprus	100.00	100.00
3. Alpha Insurance Brokers S.R.L.	Romania	99.92	99.91
4. Alphalife A.A.E.Z.	Greece	100.00	100.00
Real Estate and hotel
1. Alpha Astika Akinita Α.Ε.	Greece
2. Ionian Hotel Enterprises Α.Ε.	Greece	91.22	90.30
3. Oceanos Α.Τ.Ο.Ε.Ε.	Greece	97.04 100.00	96.98 100.00
4. Alpha Real Estate D.O.O. Beograd	Serbia
5. Alpha Astika Akinita D.O.O.E.L. Skopje	FYROM	91.22 91.22	90.30 90.30
6. Alpha Real Estate Bulgaria E.O.O.D.	Bulgaria	91.22	90.30
7. Chardash Trading E.O.O.D. (19o)	Bulgaria	91.22	90.30
8. Alpha Astika Akinita Romania S.R.L. (19h)	Romania	91.22	99.98

Name	Country of Incorporation	30.9.2010	Group's ownership interest % 31.12.2009
Special purpose and holding entities
1. Alpha Credit Group Plc	United Kingdom	100.00	100.00
2. Alpha Group Jersey Ltd	Jersey	100.00	100.00
3. Alpha Group Investment Ltd (19c, 20b)	Cyprus	100.00	100.00
4. Ionian Holdings Α.Ε.	Greece	100.00	100.00
5. Messana Holdings S.A.	Luxembourg	100.00	100.00
6. Ionian Equity Participations Ltd (19k)	Cyprus	100.00	100.00
7. ABL Holdings Jersey Ltd	Jersey	100.00	100.00
8. Alpha Covered Bonds Plc	United Kingdom	100.00	100.00
9. AGI – BRE Participations 1 Ltd (19c)	Cyprus	100.00
10. AGI – RRE Participations 1 Ltd (19c)	Cyprus	100.00
11. AGI – RRE Participations 1 S.R.L. (19e)	Romania	100.00
12. AGI – BRE Participations 1 E.O.O.D. (19f)	Bulgaria	100.00
13. Katanalotika Plc	United Kingdom
14. Talanto Plc (19g)	United Kingdom
15. Epihiro Plc	United Kingdom
16. Irida Plc	United Kingdom
17. Pisti 2010-1 Plc (19b)	United Kingdom
Other companies
1. Alpha Bank London Nominees Ltd	United Kingdom	100.00	100.00
2. Alpha Trustees Ltd	Cyprus	100.00	100.00
3. Flagbright Ltd	United Kingdom	100.00	100.00
4. Evremathea Α.Ε.	Greece	100.00	100.00
5. Kafe Alpha A.E.	Greece	100.00	100.00
6. Alpha Supporting Services Α.Ε. (19m)	Greece	100.00	100.00
7. Real Car Rental A.E. (19d)	Greece	100.00	100.00

Β. JOINT VENTURES

	Country of	Group's ownership interest %
Name	Incorporation	30.9.2010	31.12.2009
1. Cardlink Α.Ε.	Greece	50.00	50.00
2. APE Fixed Assets Α.Ε.	Greece	60.10	60.10
3. APE Commercial Property Α.Ε.	Greece	72.20	72.20
4. APE Investment Property Α.Ε.	Greece	67.42	67.42
5. Alpha ΤΑΝΕΟ Α.Κ.Ε.S.	Greece	51.00	51.00

C. ASSOCIATES

	Country of	Group's ownership interest %
Name	Incorporation	30.9.2010	31.12.2009
1. Evisak Α.Ε.	Greece	27.00	27.00
2. ΑΕDΕP Thessalias and Stereas Ellados	Greece	50.00	50.00
3. A.L.C. Novelle Investments Ltd	Cyprus	33.33	33.33
4. ΕL.P.ΕΤ. Valkaniki Α.Ε.	Greece	26.71	26.71
5. Kritis Gi - Tsatsakis Α.B.Ε.Ε.	Greece	22.95	22.95
6. Dipirites Chandakos Α.Ε (19l)	Greece	25.50
7. Βiokid Α.Ε. (19l)	Greece	27.22

The subsidiaries are fully consolidated, joint ventures are consolidated under the proportionate method, while the associates are accounted under the equity method.

The consolidated financial statements do not include the Commercial Bank of London Ltd which is a dormant company and the companies HSO Europe BV and Prismatech Hellas A.E., which have been fully impaired and are in the process of liquidation.

The Group hedges the foreign exchange risk arising from the net investment in foreign subsidiaries through the use of derivative products in their functional currency.

16. Operating segment

	(Amounts in millions of Euro)
		1.1 - 30.9.2010
	Group	Retail	Corporate Banking	Asset Management/ Ιnsurance	Investment Banking/ Treasury	South – Eastern Europe	Other
Net interest income	1,372.5	635.5	319.0	10.1	81.3	325.5	1.1
Net commission income	255.3	89.2	64.6	29.6	20.3	51.9	(0.3)
Other income	62.1	5.2	6.8	1.4	(13.4)	35.3	26.8
Total income	1,689.9	729.9	390.4	41.1	88.2	412.7	27.6
Total expenses	(853.7)	(433.5)	(97.9)	(27.5)	(25.6)	(226.5)	(42.7)
Impairment losses	(644.3)	(225.6)	(276.2)			(142.5)
Profit before income tax	191.9	70.8	16.3	13.6	62.6	43.7	(15.1)
Income and extraordinary tax	(116.1)
Profit after income and extraordinary tax	75.8

(Amounts in millions of Euro)

		1.1 - 30.9.2009
	Group	Retail	Corporate Banking	Asset Management/ Ιnsurance	Investment Banking/ Treasury	South – Eastern Europe	Other
Net interest
income	1,304.4	605.7	285.5	9.7	97.4	304.9	1.2
Net commission
income	286.5	125.8	61.3	33.4	19.7	47.2	(0.9)
Other income	210.4	5.0	8.2	1.3	122.5	32.9	40.5
Total income	1.801.3	736.5	355.0	44.4	239.6	385.0	40.8
Total expenses	(869.4)	(443.0)	(97.4)	(30.5)	(29.2)	(222.3)	(47.0)
Impairment losses	(496.7)	(200.8)	(181.9)			(114.0)
Profit before
income tax	435.2	92.7	75.7	13.9	210.4	48.7	(6.2)
Income tax	(91.4)
Profit after
income tax	343.8

i. Retail Banking

Includes all individuals (retail banking customers), professionals, small and very small companies operating in Greece and abroad except from South-Eastern Europe countries.

The Group through its extended branch network offers all types of deposit products (deposits/ savings accounts, working capital/ current accounts, investment facilities/ term deposits, Repos, Swaps), loan facilities (mortgages, consumer, corporate loans, letters of guarantee) and debit and credit cards to the above customers.

ii. Corporate Banking

Includes all medium-sized and large companies, corporations with international activities, corporations managed by the Corporate Banking Division (Corporate) and shipping corporations operating in Greece and abroad except from South Eastern Europe countries.

The Group offers working capital facilities, corporate loans, and letters of guarantee.

This sector also includes the leasing products which are offered through Alpha Leasing A.E. and factoring services offered through the subsidiary company ABC Factors A.E.

iii. Asset Management / Insurance

Consists of a wide range of asset management services offered through Group's private banking units and Alpha Asset Management A.E.D.A.K. In addition, it includes commissions received from the sale of a wide range of insurance products to individuals and companies through either AXA insurance, which is the corporate successor of the subsidiary Alpha Insurance A.E. or the subsidiary Alphalife A.A.E.Z.

iv. Investment Banking / Treasury

Includes stock exchange, advisory and brokerage services relating to capital markets, and also investment banking facilities, offered either by the Bank or specialized Group companies (Alpha Finance A.E.P.E.Y., Alpha Ventures A.E.). It also includes the activities of the Dealing Room in the interbank market (FX Swaps, Bonds, Futures, IRS, Interbank placements – Loans etc.).

v. South-Eastern Europe

Consists of the Bank's branches and the subsidiaries of the Group operating in South Eastern Europe.

vi. Other

This segment consists of the non-financial subsidiaries of the Group as well as Bank's income and expenses that are not related to its operating activities.

17. Capital adequacy

The Group's capital adequacy is monitored by the Bank of Greece, to which the Group reports on a quarterly basis.

The minimum capital adequacy ratios (Tier I and Capital adequacy ratio) which the Group must comply with are set by the Bank of Greece Governor's Acts.

From January 1st 2008 onwards, capital adequacy calculation is determined under the new regulatory framework (Basel II), which has been transposed into the Greek legislation by Law 3601/2007. The new regulatory framework significantly amends the measurement of credit risk and introduces capital requirements for operational risk. There are no significant changes in the measurement of market risk. Specifically, credit risk of the banking book and operational risk are calculated according to the Standardized Approach.

The capital adequacy ratio is determined by comparing the Group's regulatory own funds with the risks that the Group undertakes (risk weighted assets). Own funds include Tier I capital (share capital, reserves, non-controlling interest), additional Tier I capital (hybrid securities) and Tier II capital (subordinated debt and fixed asset revaluation reserves). The risk-weighted assets arise from the credit risk of the banking book, the market risk of the trading book and the operational risk.

The current capital ratios (Tier I ratio and Capital adequacy ratio) are well above the minimum regulatory requirements set by the Bank of Greece directive and can support the business growth of the Group in all areas for the next years.

	30.9.2010 (estimate)	31.12.2009
Tier I ratio	11.5%	11.6%
Capital adequacy ratio (Tier I + Tier II)	13.1%	13.2%

18. Related-party transactions

The Bank and the Group companies enter into a number of transactions with related parties in the normal course of business. These transactions are performed at arms length and are approved by the Group's relevant committees.

a. The outstanding balances with members of the Board of Directors, their close family members and the entities controlled by them as well as the results related to these transacations are as follows:

	30.9.2010	31.12.2009
Assets
Loans and advances to customers	148,899	162,151
Liabilities
Due to customers	71,645	66,380
Debt securities in issue	20,061	19,067
Total	91,706	85,447
Letters of guarantee	9,713	10,213

	From 1 January to
	30.9.2010	30.9.2009
Income
Interest and similar income	3,281	5,152
Fee and commission income		104
Total	3,281	5,256
Expenses
Interest expense and similar charges	2,203	2,858

b. The outstanding balances with associates and the results related to these transactions are as follows:

	30.9.2010	31.12.2009
Assets
Loans and advances to customers	28	42
Liabilities
Due to customers	447	2,560

	From 1 January to
	30.9.2010	30.9.2009
Income
Interest and similar income	1	8
Expenses
Interest and similar charges	19	36
Other expenses	1,809	1,965
Total	1,828	2,001

c. The Group Companies' Board of Directors and Executive General Managers' fees recorded in the income statement for the nine month period of 2010 amounted to € 8,120 (nine month period of 2009: € 8,395).

19. Corporate events

a. On 25.1.2010 the Bank participated in the share capital increase of its subsidiary Alpha Bank Romania S.A. by € 69.8 million.

b. On 29.1.2010 the company Pisti 2010-1 Plc was established with registered office in the United Kingdom and primary operating activity the issuance of asset backed notes. The Company is a special purpose entity and is fully consolidated by the Bank as its operations serve specific Bank needs. The Bank, during the first semester of 2010, securitized a portion of the credit cards and revolving consumer loans' portfolio, through the above mentioned entity.

c. On 14.4.2010 the Bank's 100% owned subsidiary Alpha Group Investments Ltd acquired the special purpose entities Winerster Holdings Ltd and Clostonar Holdings Ltd incorporated in Cyprus at a total cost of € 3.6 thousand. On 11.6.2010 the entities Clostonar Holdings Ltd and Winerster Holdings Ltd were renamed to AGI – RRE Participations 1 Ltd and AGI – BRE Participations 1 Ltd respectively.

d. On 29.4.2010 the Bank's subsidiary Alpha Leasing A.E. participated in the share capital increase of Real Car Rental A.E. by the amount of € 3.5 million.

e. On 7.5.2010 the subsidiary AGI – RRE Participations 1 Ltd established the special purpose entity AGI – RRE Participations 1 S.R.L. incorporated in Romania.

f. On 14.5.2010 the subsidiary AGI – BRE Participations 1 Ltd established the special purpose entity AGI – BRE Participations 1 E.O.O.D. incorporated in Bulgaria.

g. On 17.5.2010 the Bank's Executive Committee approved the redemption and termination of the transaction that relates to the securitization of bonds through the special purpose entity Talanto Plc, which was completed during the second quarter of 2010.

h. On 18.5.2010 the Bank's subsidiary Alpha Astika Akinita A.E. purchased from the Group's subsidiary SSIF Alpha Finance Romania S.A., the total shares of Alpha Advisory Romania S.R.L., at a total cost of € 289 thousand. On 10.6.2010 Alpha Advisory Romania S.R.L. was renamed to Alpha Astika Akinita Romania S.R.L.

i. On 27.5.2010 the Bank purchased 31,381,000 shares of OJSC Astra Bank for € 14.2 million, which resulted in the increase of the Bank's participation in its subsidiary to 100%.

j. On 24.6.2010 and 30.6.2010 the Bank purchased shares issued by the subsidiaries Alpha Bank Romania S.A., Alpha Leasing Romania IFN S.A. and SSIF Alpha Finance Romania S.A. from other subsidiaries at a total cost of € 1.6 million.

k. On 25.6.2010, the Bank participated in the share capital increase of its 100% owned subsidiary Ionian Equity Participations Ltd, by € 4.1 million.

l. The company Alpha TANEO A.K.E.S, joint venture of the Bank, participated in the initial share capital of the companies Dipirites Chandakos A.E. and Biokid A.E. on 1.4.2010 and 25.6.2010 respectively.

m. On 1.7.2010 the 100% owned subsidiary of the Bank Ionian Supporting Services A.E. was renamed to Alpha Supporting Services A.E.

n. On 8.7.2010 the 100% owned subsidiary of the Bank OJSC Astra Bank was renamed to JSC Astra Bank.

o. Up to 30.9.2010 the Bank's subsidiary Alpha Astika Akinita A.E. participated to the full coverage of the consecutive share capital increases of its 100% subsidiary Chardash Trading E.O.O.D. by contributing the total amount of € 11.8 million.

20. Events after the balance sheet date

a. On 5.10.2010 the Bank participated proportionately in the share capital increase of its joint venture with the company APE Investment Property S.A. by € 1.3 million.

b. On 7.10.2010 the Bank's 100% subsidiary Alpha Group Investments Ltd acquired the special purpose entity Stockford Ltd incorporated in Cyprus at a total cost of € 3.6 thousand.

c. On 11.11.2010 the Bank issued covered bonds amounting to € 1.5 billion according to the newly established covered bond program which provides the direct issuance from the Bank up to the amount of € 8 billion. The issued covered bonds are listed in the Luxembourg Stock Exchange and have been rated by the credit rating agencies Fitch and Moody's as A- and Baa3 respectively. The covered bonds may be used as collateral for liquidity purposes to the European Central Bank.