ECONOMY

Piraeus says pretax profit rose 2 pct Q/Q

piraeus-says-pretax-profit-rose-2-pct-q-q

Piraeus Bank, Greece’s second-largest lender by assets, said on Wednesday its second-quarter pretax profit rose 2 percent compared to the previous quarter.

Piraeus, majority-owned by Greece’s HFSF bank rescue fund, and the country’s three other big lenders, National, Alpha and Eurobank, are undergoing European Central Bank stress tests to determine their capital shortfalls.

The results of the health checks are expected by the end of October.

Providing a performance update before results due by the end of the month, the bank said recurring profit excluding tax and provisions came in at 275 million euros in the April-June period.

Nonperforming loans, which are more than 90 days past due, rose to 39.4 percent of its book in the April-June period, from 38.9 percent in the first quarter.

Deposits fell 15 percent, to 38.8 billion euros, in the second quarter.

[Reuters]