ATHENS May 30 Greek lender Geniki Bank
, majority-owned by France's Societe Generale
, on Wednesday reported a smaller first quarter loss
compared to a year earlier as it booked lower provisions for
The bank, taken over by SocGen in 2004, lost 66.3 million
euros in the first three months of the year versus a loss of
98.6 million euros in the first quarter of 2011.
Geniki was 795.6 million euros in the red in 2011 and lost
411 million euros in 2010.
Greece's deep recession has continued to take a toll on its
loan book, but the bank's provisions for non-performing loans
declined by 54 percent year-on-year to 45.6 million euros.
Greece's economy contracted at a 6.2 percent annual pace in
the first quarter and is expected to stay in recession for a
fifth successive year. Unemployment has climbed to 21.7 percent.
(Reporting by George Georgiopoulos; Editing by Andrew Osborn
and Jon Loades-Carter)