ECONOMY

Piraeus posts gains on Cypriot units as Eurobank reports loss

Greece’s second-largest lender Piraeus Bank posted a 3.2-billion-euro profit in the first nine months of the year on Friday thanks to a one-off gain from taking over Cypriot bank units.

The bank’s provisions for loans and other assets reached 1.68 billion euros.

Piraeus did not provide figures for the nine-month period last year.

Results this year have been consolidated to include recent acquisitions of the healthy part of ATEbank, Geniki Bank, Cypriot bank operations and Millennium Bank.

Third-biggest lender Eurobank yesterday reported a wider third-quarter loss, hurt by provisions for nonperforming loans.

The bank, the only one of Greece’s four major banks that has fallen under the control of the Greece’s bank bailout fund, posted a 285-million-euro loss in the third quarter compared to 223 million euros in the same period last year.

The bank booked 1.26 billion euros in bad loan provisions in the first nine months of the year, up slightly from 1.21 billion euros in the same period last year.

[Reuters]