ECONOMY

Emporiki 2010 loss widens

Emporiki Bank, majority-owned by France?s Credit Agricole, said on Friday its full-year 2010 losses widened 50 percent to 874 million euros on higher provisions.

The lender said provisions for impaired loans rose 55 percent from a year earlier, reaching 1 billion euros.

?We now have a healthy new loans portfolio, fully rationalized operations, a dynamic commercial strategy and an even more customer oriented culture,? Emporiki Bank?s vice chairman and CEO, Alain Strub, said in a statement.

Emporiki said group net interest income grew 20 percent last year to 650 million euros.

Its loan portfolio shrank 0.2 percent to 22.6 billion euros in 2010 with parent Credit Agricole supplying increased liquidity.

Looking ahead, the bank said that it will focus on restructuring and growth in 2011, along with the support of Credit Agricole.