Bad loans push Geniki Bank losses wider
Geniki Bank, majority-owned by France?s Societe Generale, said on Tuesday that its losses more than tripled last year as bad debts jumped.
The bank lost 411 million euros in 2010, compared with a loss of 109.5 million in 2009.
?A significant deterioration of the economic environment affected the quality of our loan portfolio,? the bank said in a bourse filing.
Geniki?s loan-loss provisions jumped to 415.2 million euros from 139.6 million in 2009. The lender?s loan portfolio shrank 11.5 percent to 3.5 billion euros while customer deposits and repos fell 11.5 percent year-on-year to 2.4 billion euros.
Societe Generale?s holding in Geniki rose to 88.4 from 53.9 percent in November last year after a 340-million-euro cash-call to boost the Greek lender?s capital.
Last week, Credit Agricole?s Greek subsidiary, Emporiki Bank, reported an annual loss of 874 million euros for 2010, up 50 percent year-on-year.
