Eurobank prof­itable for third quar­ter in a row

Kathimerini English - - Focus -

Eurobank was prof­itable for a third straight quar­ter in July-Septem­ber as lower pro­vi­sions for bad debt helped to boost earn­ings 85 per­cent from the pre­vi­ous quar­ter. Greece’s third-largest lender by as­sets, in which the coun­try’s bank res­cue fund owns a 2.4 per­cent stake af­ter a re­cap­i­tal­iza­tion last year, re­ported net earn­ings of 85 mil­lion eu­ros, up from 46 mil­lion in the sec­ond quar­ter. “Ac­tive man­age­ment of the non­per­form­ing [loan] stock re­mains top pri­or­ity for the next quar­ters,” Eurobank CEO Fokion Kar­avias

Cosco yes­ter­day re­ported that the num­ber of con­tain­ers han­dled at the Pi­raeus ter­mi­nals it op­er­ates grew 16 per­cent in the first 10 months of the year. In to­tal, it han­dled 2.936 mil­lion con­tain­ers in Jan­uary-Oc­to­ber, against 2.53 mil­lion in the same pe­riod last year, while it is eye­ing a sum of 3.5 mil­lion by year-end. said in a state­ment. “The plan for de­creas­ing non­per­form­ing ex­po­sures, sub­mit­ted to the [Euro­pean Cen­tral Bank’s] Sin­gle Su­per­vi­sory Mech­a­nism in Septem­ber, is un­der way,” he said. Eurobank re­duced its credit-loss pro­vi­sions by 14.1 per­cent to 191 mil­lion eu­ros in the third quar­ter from 222 mil­lion in the sec­ond. Non­per­form­ing credit (loans more than 90 days past their due date) rose slightly to 34.8 per­cent of its loan book from 34.7 per­cent at the end of June. The group, with sub­sidiaries in the Balkans, said in­ter­na­tional op­er­a­tions re­mained prof­itable, con­tribut­ing 25 mil­lion eu­ros to group profit. Fund­ing from the ECB and the Bank of Greece de­creased by 6 bil­lion eu­ros from June to mid-Novem­ber, drop­ping to 15.5 bil­lion eu­ros.

Pi­raeus con­tain­ers.

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