ECONOMY

Greece’s National Bank posts Q4 loss, ups bad debt provisions

greece-amp-8217-s-national-bank-posts-q4-loss-ups-bad-debt-provisions

Greece's National Bank (NBG) on Tuesday reported a loss in last year's final quarter as higher bad debt provisions weighed on its bottom line.

National Bank, which is 40 percent owned by the country's bank rescue fund HFSF after its recapitalization late last year, said its net loss widened to 889 million euros ($987.2 million) after a loss of 195 million euros in the third quarter, excluding assets and earnings from terminated operations.

NBG clinched a deal in late December to divest its entire 99.8 percent stake in Finansbank to Qatar National Bank for 2.75 billion euros as part of moves to plug a capital shortfall identified by European Central Bank stress test in October.

Provisions for impaired credit in Greece rose to 671 million euros in October-to December from 232 million euros in the third quarter.

Non-performing credit edged up to 33.1 percent of its loan book from 33.0 percent at the end of September.

[Reuters]