ECONOMY

Eurobank earnings benefit from drop in provisions

eurobank-earnings-benefit-from-drop-in-provisions

Greece’s third-largest lender Eurobank on Thursday reported higher net profit in the third quarter compared to April-to-June as provisions for impaired loans fell.

Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 56 million euros from continued operations, compared to a profit of 6 million euros in the second quarter.

Credit loss provisions fell 21 percent quarter-on-quarter to 145 million euros.

Nonperforming exposures (NPEs) dropped to 31.1 percent of its loan book from 32.8 percent at the end of June.

[Reuters]