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Greece's NBG narrows Q1 loss, provisions offset Finansbank profit
May 28, 2015 / 2:47 PM / 2 years ago

Greece's NBG narrows Q1 loss, provisions offset Finansbank profit

ATHENS, May 28 (Reuters) - Greece’s largest lender National Bank (NBG) on Thursday reported a loss in the first quarter as bad debt provisions offset profit at its Turkish unit Finansbank

NBG reported a net loss of 159 million euros ($173.4 million) over the January-to-March period versus a loss of 1.1 billion euros in the fourth quarter.

The bank, 57.2 percent owned by Greece’s HFSF bank rescue fund, said Turkish unit Finansbank contributed 114 million euros to group earnings in the first quarter.

Non-performing credit edged up to 24.3 percent of its loan book from 24 percent in December. Provisions for impaired loans in Greece reached 323 million euros, up 18 percent quarter-on-quarter.

1 US dollar = 0.9168 euro Reporting by George Georgiopoulos

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