ECONOMY

Greek banks show negative return on equity

Greek banks show negative return on equity

European Central Bank data out on Tuesday showed that eurozone banks’ return on equity dropped to 3.23 percent in the fourth quarter from 4.41 percent a year earlier.

Return on assets fell to 0.21 percent from 0.28 percent.

Banks in Italy, Portugal and Greece all had a negative return while banks in Germany, weighed down by excessive competition and inefficiency, made a return on equity of just 1.33 percent, the figures showed.

[Reuters]