Eurobank, Piraeus post Q2 profits

Eurobank, Piraeus post Q2 profits

Piraeus Bank turned profitable in April-to-June, while Eurobank saw profits rise. Piraeus posted small net earnings from continued operations as provisions for impaired loans were flat compared to the previous quarter, Greece’s largest lender by assets said Wednesday. Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF, reported a net profit of 7 million euros after a net loss of 7 million euros in the first quarter.

The group, with a current market value of 2.07 billion euros, said bad debt provisions were flat at 259 million euros in April-to-June. Nonperforming loans eased to 37.1 percent of its book at the end of June from 37.8 percent in the previous quarter. Eurobank’s net profit rose slightly in Q2 compared to the first quarter as provisions for impaired loans eased, Greece’s third-largest lender by assets said. Eurobank, in which HFSF holds a 2.4 percent stake, reported net earnings of 40 million euros after profit of 37 million euros in Q1.

Credit loss provisions fell 2.4 percent quarter-on-quarter to 184 million euros from 188 million in the first quarter. NPLs dropped slightly to 34.6 percent of its book from 34.8 percent at the end of March. [Reuters]

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