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Greece's Piraeus Bank swings to small profit in Q2, provisions flat
August 30, 2017 / 2:46 PM / 24 days ago

Greece's Piraeus Bank swings to small profit in Q2, provisions flat

ATHENS, Aug 30 (Reuters) - Piraeus Bank turned profitable in April-to-June, posting a small net profit from continued operations as provisions for impaired loans were flat compared to the previous quarter, Greece’s largest lender by assets said on Wednesday.

Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF, reported a net profit of 7.0 million euros ($8.3 million) after a net loss of 7 million euros in the first quarter.

The group, with a current market value of 2.07 billion euros, said bad debt provisions were flat at 259 million euros in April-to-June.

Non-performing loans eased to 37.1 percent of its book at the end of June from 37.8 percent in the previous quarter. ($1 = 0.8399 euros) (Reporting by George Georgiopoulos)

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