Piraeus Bank reports loss of 69 mln euros in Q1

Piraeus Bank, Greece’s second-largest lender by assets, on Wednesday reported a loss of 69 million euros in the first quarter as provisions for bad loans continued to weigh on results.

The bank took credit-loss provisions of 278 million euros in the January-to-March period, down from 519 million euros in the last quarter of 2014 when it reported a 332 million euro loss.

Greek banks, hit hard by the country’s debt crisis, have suffered further in recent months as rising political tensions over protracted talks with its creditors on a cash-for-reforms deal prompted savers to pull deposits and squeeze liquidity.

Deposits fell by 8 billion euros, or 15 percent in the first three months of the year, the bank said.

Piraeus said non-performing loans reached 39 percent of its book, up slightly from 38.8 percent in the fourth quarter.


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