May 30, 2018 / 2:54 PM / a month ago

Greek lender Eurobank posts lower Q1 profit, loan-loss provisions drop

ATHENS, May 30 (Reuters) - Greece’s third-largest lender Eurobank on Wednesday reported lower net profit in January-to-March compared to last year’s fourth quarter despite reduced provisions for impaired loans as core income fell.

Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 35 million euros ($40.61 million) from continued operations after profit of 43 million euros in the fourth quarter.

Accounting for discontinued operations, the bank reported a net profit of 57 million euros after net earnings of 53 million in the fourth quarter.

Credit loss provisions fell quarter-on-quarter to 167 million euros from 206 million in the fourth quarter. Non-performing exposures dropped to 41.8 percent of its book from 42.5 percent at the end of 2017, it said. ($1 = 0.8618 euros) (Reporting by George Georgiopoulos)

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