Eurobank says Q1 losses are down y-o-y

Eurobank reported on Thursday a drop in its first-quarter losses to 94 million euros – against losses of 524 million euros in October-December – and a 7.2 percent quarterly increase in profits before provisions.

The fourth-biggest lender in Greece said that its deposits had declined a remarkable 5.9 billion euros to 34.9 billion as a result of the outflow recorded mainly in the first couple of months of the year.

Provisions in the first quarter amounted to 303 million euros, with accumulated provisions covering 55.6 percent of nonperforming loans.

Net profits before provisions increased 7.2 percent from Q4 of 2014 and 11 percent from the first quarter of 2014 to reach 216 million euros, thanks to a reduction in expenditure and an improvement in revenues. Spending was slashed by 5.6 percent from Q4 and by 7.1 percent from a year earlier.

Net revenues from interest declined to 773 million euros, from 394 million in Q4, due to the increased cost of drawing liquidity from the Eurosystem.

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