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Greece's Piraeus Bank nine-month loss shrinks, provisions weigh
October 31, 2015 / 2:55 PM / 2 years ago

Greece's Piraeus Bank nine-month loss shrinks, provisions weigh

ATHENS (Reuters) - Piraeus Bank, Greece’s second-largest lender by assets, on Saturday reported a loss of 635 million euros (453 million pounds) in the first nine months of 2015 as provisions for bad loans continued to weigh on its bottom line.

People wait to enter a Piraeus Bank branch at the city of Iraklio in the island of Crete, Greece July 20, 2015. REUTERS/Stefanos Rapanis

The bank took credit-loss provisions of 2.12 billion euros in the January-to-September period, down from 3.19 billion euros in the same period last year.

Piraeus said non-performing loans reached 40.5 percent of its book at the end of the third quarter, up from 39.4 percent in the second quarter.

Results of the European Central Bank’s health check released earlier on Saturday showed that Piraeus needs to cover a capital shortfall of 4.93 billion euros under the adverse scenario of its stress test.

Reporting by George Georgiopoulos and Lefteris Papadimas

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