March 28, 2018 / 2:42 PM / 6 months ago

Greece's Piraeus Bank swings to profit in Q4, bad debt ratio improves

ATHENS, March 28 (Reuters) - Greece’s largest lender Piraeus Bank turned profitable in October-to-December despite higher loan-loss provisions, improving its ratio of non-performing loans, it said on Wednesday.

Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF, reported a net profit from continued operations of 12 million euros ($14.8 million) after a net loss of 17 million euros in the third quarter.

The group said bad debt provisions rose to 1.18 billion euros from 312 million in the third quarter.

Non-performing loans eased to 35 percent of its book at the end of December from 36.2 percent in the previous quarter. ($1 = 0.8100 euros) (Reporting by George Georgiopoulos)

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