National Bank of Greece (NBG) reported a net profit of 18 million euros from continued operations in the fourth quarter (Q4) of 2019, compared to 210 million euros in Q3.
Piraeus Bank’s final quarter (Q4) results showed profits of 189 million euros compared to a net profit of 49 million euros in Q3 2019.
Alpha Bank reported net profits of 5.6 million euros for the fourth quarter (Q4) of 2019 compared to net profits of 4.7 million euros in Q3.
The Greek banking system entered the new year with positive momentum for tackling the stock of non-performing exposures (NPE) after the Hercules asset protection scheme (APS) was launched, but the four weeks since the outbreak of the virus in Greece have brought the economy to a standstill and raised concerns about a new generation of bad loans.
The Bank of Greece’s (BoG) released statistics for the fourth quarter (Q4) of 2019 regarding the operations of Credit Servicing Firms (CSFs) in Greece.
Eurobank recorded net profits of 107.6 million euros in the fourth quarter (Q4) of 2019 compared to net profits of 59 million in Q3.
The Greek government’s Hercules scheme for reducing bad loans on the books of the country’s four systemic banks received its first application on Tuesday from Eurobank.
In an effort led by Finance Minister Christos Staikouras, the government is intensifying efforts to have as many borrowers covered before the current primary residence protection scheme expires on April 30.
Ahead of the EU’s stress tests and improving sentiment, Greece’s banks have begun making further inroads into their plans for reducing bad loans on their books.
The European Central Bank (ECB) announced last Friday the beginning of the stress test process for 2020, an EU-wide exercise that will be led by the European Banking Authority (EBA) and will examine 35 significant euro area banks, which are directly supervised by the ECB and cover 70 percent of banking sector assets in the eurozone.