Emporiki’s losses grow in 9 months
Emporiki Bank, majority-owned by France’s Credit Agricole, said yesterday losses in the first nine months of the year widened to 745 million euros on higher provisions for bad loans. The lender, which reported a net loss of 472 million euros in the same period a year earlier, said money put aside for bad loans rose 59 percent to 826.1 million euros «as a result of the persistently challenging economic and market conditions.» The lender managed to boost revenues, including interest income and commissions, by 1.7 percent to 478.1 million euros, it added. Emporiki Bank, present in Cyprus, Albania, Romania and Bulgaria, has a 330-branch network.
