BUSINESS

NBG’s Q4 profit helped by lower bad debt provisions

TAGS: Banking

Greece’s second largest lender by assets National Bank was profitable for a second straight quarter in October-December, helped by lower bad debt provisions.

NBG, 40 percent owned by the country’s bank rescue fund HFSF, on Thursday reported a net profit of 73 million euros, excluding assets held for sale and discontinued operations, versus net earnings of 6 million euros in Q3.

For 2016 as a whole, the bank posted a net profit of 53 million euros after a loss of 2.49 billion in 2015.

Nonperforming credit eased to 32.9 percent of its loan book in Q4 from 34.3 percent in end-September.

NBG said loan impairments for the full year dropped to 684 million euros from 3.52 billion in 2015.

[Reuters]

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