Eurobank’s Q3 losses reach 223mln euros

Greek lender Eurobank posted an expected third-quarter loss on Thursday as the country’s deep economic slump caused a rise in non-performing loans and weaker banking income.

The bank said third-quarter losses reached 223 million euros, bringing its nine-month loss to 1.095 billion euros. Higher funding costs led to a 4 percent fall in net interest income in the third quarter.

Eurobank said non-performing credit rose to 17 percent of its loan book from 14 percent in the first quarter. Provisions for impaired loans rose 23 percent in the nine-month period to 1.213 billion euros.

The bank said its total recapitalisation need, as set by the country’s central bank, was 5.8 billion euros. This includes the impact of two Greek sovereign debt write downs earlier this year.


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