BUSINESS

NBG ends first quarter in the black

YIANNIS PAPADOYIANNIS

TAGS: Banking

National Bank of Greece Group returned to profit in the first quarter of the year, according to its results issued on Thursday.

National posted earnings of 21 million euros this year against losses of 263 million euros in the January-March 2015 period.

Operating revenues declined 3.2 percent year-on-year to come to 558 million euros, offset partly by the 2.2 percent drop in operating expenses to 316 million.

The return of the country’s oldest lender is attributed to the reduction in provisions for nonperforming loans, which declined from 671 million euros in the last quarter of 2015 to just 134 million in Q1 of 2016.

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