ECONOMY

Piraeus Bank posts net profit of 18 mln euros in Q1

Piraeus Bank posts net profit of 18 mln euros in Q1

Piraeus Bank was profitable in January-to-March after booking lower loan-loss provisions, Greece’s largest lender by assets said on Thursday.

Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF, reported a net profit from continued operations of 18 million euros, excluding one-off items.

The bank had net earnings of 12 million euros in the fourth quarter.

The group said bad debt provisions fell to 164 million euros from 1.18 billion in the fourth quarter.

[Reuters]

Banking

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