August 30, 2019 / 2:59 PM / 22 days ago

Eurobank second quarter profit falls, loan-loss provisions rise

FILE PHOTO: A man uses an ATM outside a Eurobank branch in Athens, Greece, August 26, 2019. REUTERS/Alkis Konstantinidis

ATHENS (Reuters) - Greece’s third-largest lender Eurobank (EURBr.AT) reported lower net profit in the second quarter compared to January-to-March as provisions for impaired loans rose.

Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 6.0 million euros ($6.69 million) from continued operations, compared to a profit of 20 million euros in the first quarter.

Credit loss provisions rose 11.3% quarter-on-quarter to 183 million euros. Non-performing exposures (NPEs) dropped to 32.8% of its loan book from 36.7% at the end of March.

Reporting by George Georgiopoulos

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