First-quarter loss widens for Emporiki
Emporiki Bank, Credit Agricole’s Greek unit, said yesterday its first-quarter net loss widened to 168.7 million euros from 15.2 million euros as income fell and it increased provisions for bad loans. Kicking off the earnings reporting season for Greek banks, Emporiki said loan-loss provisions (an amount set aside as an allowance for bad loans) reached 175.5 million euros. The bank lost 492 million euros in 2008 after provisions reached 493 million. In February this year the bank’s shareholders approved an 850-million-euro rights issue to boost capital and liquidity. Parent Credit Agricole subscribed to the issue, raising its holding in Emporiki to 82.48 percent. Shares in Emporiki fell 3.64 percent to 6.62 euros yesterday versus a 0.38 percent advance on the broader market.
