BUSINESS

NBG turns profitable in third quarter of year

TAGS: Banking, Business

National Bank of Greece (NBG) turned profitable in the third quarter, helped by improving core income and lower bad debt provisions.

National Bank, which is 40 percent owned by the country’s bank rescue fund HFSF after its recapitalization late last year, reported on Wednesday a net profit of 23 million euros, excluding assets held for sale and discontinued operations, versus a loss of 23 million euros in the second quarter.

Nonperforming credit rose to 34.1 percent of its loan book in the third quarter from 33.3 percent at the end of June.

NBG said loan impairments dropped to 162 million euros from 188 million in the previous quarter.

[Reuters]

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