ECONOMY

Piraeus Bank loses 1.56 billion euros in third quarter

Greece’s second-largest lender by assets, Piraeus Bank, on Tuesday reported a loss in the third quarter after booking over 2 billion euros in charges for bad loans. Piraeus reported a net loss of 1.56 billion euros in the quarter, compared to a loss of 277 million euros in the year earlier period.

The bank booked 2.24 billion euros in provisions for impaired loans in the third quarter, compared to 476 million euros of impairments in the second quarter. [Reuters]