Greece’s Piraeus bank profits fall in first quarter

Greece’s Piraeus bank profits fall in first quarter

Piraeus Bank reported lower first quarter profit on Monday compared to the previous three-month period, hurt by higher provisions for impaired loans and lower commission and trading income, Greece’s largest lender by assets said.

Piraeus Bank, which is 26.2 percent owned by the country’s HFSF bank rescue fund, reported a net profit from continued operations of 14 million euros after net earnings of 145 million in last year’s final quarter.

The bank said that it is on target to meet its 2019 NPE (non-performing exposures) reduction target of 3.5 billion euros.


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