In its latest financial stability report published on Thursday, the Bank of Greece (BoG) took stock of the various positive developments and encouraging signs for the economy and banking sector, while highlighting the challenges for systemic local banks, emanating from the quality of the loan portfolio and the composition of the capital structure that largely constitutes of deferred tax credits (DTC).
Piraeus Bank’s third quarter (Q3) results revealed net results from continued operations showing a profit of 44 million euros compared to a net profit of 20 million in Q2 2019
Eurobank recorded net profits of 56.3 million euros in the third quarter (Q3) of 2019, picking up strongly from profits of 9 million noted in Q2.
National Bank of Greece (NBG) reported a net profit of 171 million euros from continued operations in the third quarter (Q3) of 2019, compared to 122 million euros in Q2.
Alpha Bank reported net profits of 4.7 million euros for the third quarter (Q3) of 2019, falling sharply from net profits of 59.4 million euros in Q2.
In the Article IV consultation report that was published on Friday, the International Monetary Fund (IMF) took a detailed look into Greece’s banking sector, as the Fund has repeatedly stated that restoring Greek banks back to health is a prerequisite for the country to attract investment and achieve higher growth rates, while it remains an area of fiscal and wider financial stability risks.
Eurobank is planning to use 2.5 billion euros of state guarantees from the Hercules plan to securitise its Cairo portfolio.
Another chapter in the unexpectedly turbulent relationship between the new Greek administration and the country’s banks was written on Thursday when the Competition Commission raided the headquarters of the four systemic banks, Attica bank and the Hellenic Banking Association.
The deal between Piraeus Bank and Intrum which concluded in October will create the largest independent loan servicer in Greece, executives from both firms said in comments to the press late last week.
Greece’s banks entered the final quarter of the year with several key developments on the front of reducing their bad loan pile.