Eurobank losses come down in Q3

Eurobank recorded a significant improvement in its financial figures for the first nine months of the year as its third-quarter results illustrated on Friday, with bank officials stating that they pave the way for the group’s return to profits next year.

Operating profits before provisions increased by 8 percent year-on-year in the January-September period. This, combined with the further containment of expenditure by 3.7 percent, has helped to limit losses to 187 million euros.

The bank’s liquidity also showed a notable improvement, as deposits grew by 772 million euros in Q3 from the end of the second quarter, while the loans to deposits ratio fell to 99.8 percent from 103.4 percent at end-June.

Also on Friday, Eurobank, National Bank and Alpha shareholders gave the lenders the nod for them to use the deferred tax credit option, which could see Greece’s systemic banks expand their capital by 2.5 billion euros between them.

Piraeus Bank did not hold a general shareholders meeting on the issue, but its officials stated that if the right conditions arise, they will also proceed to this option provided by a recently passed law.

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