Following weeks of uncertainty and pressure on the banking sector, which climaxed in a big drop in bank share prices on Wednesday, there have been reports of efforts to provide the Greek lenders with assistance.
Greece’s four systemic banks have submitted new Single Support Mechanism (SSM) guidelines on Friday, under which the banks’ bad loans will be tackled.
The persisting issue of non-performing loans (NPLs) was one of the key items discussed last week by the government and the institutions.
Payment statistics by the European Central Bank released last week have revealed that card payments in Greece experienced notable growth in recent years.
Piraeus Bank’s second quarter (Q2) results showed that net profits from continued operations came to 24 million, recovering from a loss of 80 million euros in Q1.
National Bank of Greece (NBG) reported a net profit of 21 million euros from continued operations in the second quarter (Q2), very slightly improving on net profits of 20 million in Q1.
Eurobank recorded net profits of 1.1 million euros in the second quarter (Q2) of 2018 compared to profits of 34.5 million in the previous quarter.
Alpha Bank reported a net loss of 52.9 million euros in the second quarter (Q2) of the year, attributable entirely from profits originating from continued operations. The results reverse profits of 65.2 million euros noted in the first quarter of the year.
Greece’s banks form a crucial element in the country’s road to economic recovery, and recent indicators point to signs of a delicate improvement.
With the programme exit now just around the corner and as credit rating agencies and investors start to view Greece’s banks through a more positive lens, the country’s lenders are taking steps to make the most of the current sentiment.