ATHENS: Piraeus Bank remained profitable in the third quarter, growing net earning by 52 percent from the previous three-month period as provisions for impaired loans fell, Greece's largest lender by assets said on Tuesday.
Piraeus, which is 26.2 percent owned by the country's bank rescue fund HFSF after its recapitalisation late last year, reported net profit of 31 million euros ($33.3 million) after net earnings of 20 million euros in the second quarter.
The group, with a current market value of 1.25 billion euros, said loan-loss provisions fell 9.0 percent to 242 million euros in July-to-September from 265 million in the second quarter.
Non-performing credit dropped to 38.8 percent of its loan book at the end of September from 39.2 percent in the second quarter.
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