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Jun 07, 2020 PRINT EDITION
Business

Greece's National Bank swings to Q2 loss, bad debt provisions rise

ATHENS: Greece's National Bank (NBG) turned loss-making in the second quarter after booking higher bad debt provisio

August 31, 2016

imageATHENS: Greece's National Bank (NBG) turned loss-making in the second quarter after booking higher bad debt provisions.

National Bank, which is 40 percent owned by the country's bank rescue fund HFSF after its recapitalisation late last year, reported a net loss of 23 million euros ($25.6 million), excluding assets held for sale and discontinued operations, versus a profit of 26 million euros in the first quarter.

Provisions for impaired credit in Greece rose in April-to-June as a small number of corporate loans lapsed into default, it said. Non-performing credit dropped to 33.3 percent of its loan book in the second quarter from 33.6 percent at the end of March.

Copyright Reuters, 2016