BANKING

Piraeus Bank swings to profit in last quarter of 2021

Piraeus Bank swings to profit in last quarter of 2021

Piraeus Bank swung to a net profit in the fourth quarter of 2021 from a loss in the previous three months, it said on Tuesday, citing a drop in provisions against bad loans and increased fee and commission income.

The bank reported net earnings from continuing operations of 78 million euros, after a loss of €635 million in the third quarter.

Loan impairment provisions fell 76% quarter-on-quarter to €194 million, down from €811 million in Q3.

In 2021 as a whole, Piraeus’ loss from continuing operations widened to €3 billion from a loss of €652 million in 2020, hit by the shedding of a big chunk of bad credit on its balance sheet.

[Reuters]