Piraeus Bank concluded the first quarter (Q1) reporting season for Greek banks by posting a net loss of 247 million from 700 million in Q4.
Alpha Bank, the third largest Greek bank by total assets, posted a Q1 net loss of 94.1 million euros from profit of 230.4 million last year.
National Bank was the second Greek bank after Eurobank, which published Q1 results on May 28. Net profit landed at 181 million from 27 million last year mainly reflecting soaring pre-provision income (up 25 percent) and receding impairment losses (down 15 percent).
Eurobank kicked off Greek banks’ Q1 results releases posting a net loss of 207.4 million euros in Q1 2014 from 913.1 in Q4 2013.
Piraeus Bank announced on May 14 its third major corporate development in the last two months, following the successful completion of a 1.75-billion- euro capital increase in late March and a senior unsecured bond issue of 500 million in mid-March.
As had been rumoured, National Bank of Greece’s board (NBG) decided on April 16 to call an Extraordinary General Meeting for May 10 to approve a capital increase of up to 2.5 billion euros.
Eurobank, Greece’s fourth largest lender, is preparing to carry out before the end of this month a share capital increase that will ensure its capital adequacy but which has many opponents due to the controversial nature of the method that has been chosen.
Alpha and Piraeus banks successfully completed at the beginning of the week their capital increases of 1.2 and 1.75 billion respectively via private placements conducted through book-building processes with foreign investors.