Greece’s Eurobank stays profitable in first quarter

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Greece’s Eurobank stays profitable in first...
 © In-Cyprus 2018
Greece’s Eurobank was profitable for a fifth straight quarter in January-to-March but net earnings dropped slightly while provisions for bad debt were flat compared to the previous quarter.

The third-largest Greek lender by assets, in which the country’s bank rescue fund HFSF owns a 2.4 percent stake, reported net earnings of 37 million euros ($41 million), down 4.7 percent from 38 million in last year’s final quarter.

The bank, which made an annual profit of 230.1 million euros last year, after losing 1.18 billion euros in 2015, said operations abroad were also profitable in the first quarter.

Greek banks including Eurobank are struggling with problem loan portfolios after a deep, protracted recession pushed unemployment to record highs, making it hard for borrowers to service their debts.

Banks entered the 2008 global financial crisis with bad loans, or non-performing exposures (NPEs), of 14.5 billion euros, about 5.5 percent of their loan...


Greece’s Eurobank stays profitable in first quarter


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