ECONOMY

Piraeus Bank grows Q2 profit as bad debt provisions fall

Piraeus Bank grows Q2 profit as bad debt provisions fall

Piraeus Bank grew second quarter net profit as provisions for impaired loans decreased, Greece’s largest lender by assets said on Friday.

Piraeus Bank, which is 26.2 percent owned by the country’s HFSF bank rescue fund, reported a net profit from continued operations of 20 million euros ($22.29 million) after net earnings of 14 million in the first quarter.

The bank said its non-performing exposures (NPEs) came down to 26.1 billion euros at the end of June from 29.4 billion in the same month a year ago. Provisions for impaired loans fell to 146 million euros from186 million in the first quarter. 

[Reuters]

Banking

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