Greece's National Bank posts Q1 profit on lower bad debt provisions

ATHENS: Greece's National Bank (NBG) on Thursday reported a profit in the first quarter, helped by lower 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 net profit of 87 million euros ($97.37 million), excluding assets held for sale and discontinued operations versus a loss of 1.91 billion euros in last year's fourth quarter.

Provisions for impaired credit in Greece fell to 134 million euros in January-to-March from 671 million euros in the fourth quarter.

Non-performing credit dropped to 33.6 percent of its loan book from 33.1 percent at the end of December.