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National Bank of Greece turns to a loss

National Bank of Greece

National Bank of Greece (ETE.AT), the country’s second-largest by assets, turned to a loss in the second quarter of the year because of higher loan provisions.

The lender reported Wednesday a net loss of 23 million euros (£19.56 million), excluding assets held for sale and discontinued operations, after a net profit of EUR26 million (£22.04 million) by March end.

The non-performing loans ratio was lower at 33.3% in the second quarter from 33.6% the quarter before.

NBG is 40%-owned by the state’s bank rescue fund, HFSF after its recapitalization late last year.

Lenders in Greece have been saddled with a mountain of bad debts exceeding EUR100 billion (£84.76 billion) caused by the country’s economic crisis that wiped out more than a quarter of the country’s economic output.

Paul

The author Paul