BUSINESS

Piraeus swings to profit in late 2017

TAGS: Banking

Greece’s largest lender Piraeus Bank turned profitable in October-to-December despite higher loan-loss provisions, improving its ratio of nonperforming loans, it said on Wednesday.

Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF, reported a net profit from continued operations of 12 million euros after a net loss of 17 million euros in the third quarter.

The group said bad debt provisions rose to 1.18 billion euros from 312 million in the third quarter.

Nonperforming loans eased to 35 percent of its book at the end of December from 36.2 percent in the previous quarter.

[Reuters]

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