BUSINESS

Eurobank posts lower Q4 profits

TAGS: Banking

Eurobank’s net profit fell in October-to-December compared to the third quarter as provisions for impaired loans rose, Greece’s third-largest lender by assets said on Monday.

Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 53 million euros before discontinued operations after profit of 61 million euros in the third quarter.

Accounting for discontinued operations, the bank reported a net profit of 43 million euros after a 15.3-million-euro loss in the third quarter.

Credit loss provisions rose quarter-on-quarter to 206 million euros from 178 million in the third quarter.

Nonperforming loans dropped slightly to 33.4 percent of its book from 35.2 percent at the end of 2016.

[Reuters]

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