Piraeus Bank losses contract in first quarter

TAGS: Banking

Piraeus Bank shrank its loss in the first quarter, helped by a sharp drop in provisions for impaired loans, Greece’s largest lender by assets said on Wednesday.

Piraeus, which is 26.2 percent-owned by the country’s bank rescue fund HFSF after its recapitalization late last year, reported a loss of 37 million euros after a net loss of 1.24 billion euros in the last quarter of 2015.

The group, with a current market value of 2.6 billion euros, said loan-loss provisions fell 79 percent quarter-on-quarter to 289 million euros in January-to-March from 1.38 billion in the fourth quarter.

Nonperforming credit rose to 39.8 percent of its loan book at the end of March from 39.5 percent in last year’s final quarter.