BUSINESS

Eurobank posts rise in Q3 profits

TAGS: Banking

Greece’s third-largest lender Eurobank on Thursday reported a sharp quarterly rise in net profit in July to September, on higher fee revenues and gains from international operations.

Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 45 million euros from continued operations, compared to a profit of 1 million euros in the second quarter.

International operations, mainly in the Balkans and Cyprus, contributed 40 million euros in the third quarter.

Credit loss provisions rose quarter-on-quarter to 176 million euros from 169 million in the second quarter.

Nonperforming exposures (NPEs) dropped to 39 percent of total loans from 40.7 percent at the end of June.

“Dealing with the legacy of NPEs remains our top priority... We have delivered on all the targets that had been set in cooperation with our regulators,” chief executive Fokion Karavias said in a statement.

[Reuters]

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