ECONOMY

Eurobank swings to loss in Q4

eurobank-swings-to-loss-in-q4

Eurobank swung to a loss in last year’s final quarter as provisions for impaired loans weighed on its bottom line.

Greece’s third-largest lender by assets, which is 2.4 percent owned by the country’s HFSF bank rescue fund after its recapitalization late last year, reported on Wednesday a loss of 175 million euros versus a net profit of 406 million euros in the third quarter of 2015. Credit loss provisions rose 5.7 percent quarter-on-quarter to 271 million euros.

Non-performing loans inched up to 35.2 percent of its loan book from 35 percent in the third quarter.

[Reuters]