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.
Rating agency Standard & Poors announced on Friday that it had upgraded bonds issued by Piraeus Bank and the National Bank of Greece (NBG) to “investment grade”.
The Bank of Greece (BoG) Monetary Policy released on Monday contained an outlook for the property market in Greece and anticipated developments, which highlighted that signs of stabilisation were noted during 2017.
In the Monetary Policy report that was issued on Monday, Bank of Greece (BoG) dedicates a section on the completion of the third programme based on the agreement that was reached at the June 21 Eurogroup.
Piraeus Bank took another step towards reducing its pile of bad loans when it announced on Monday that it had entered into a binding agreement with APS Investments S.a.r.l. (APS) for the sale of a loan portfolio.
Bank of Greece (BoG) issued its annual Monetary Policy Report for 2017 – 2018 on Monday, in which it outlines the positive outlook from the completion of the third adjustment programme and the debt and surveillance decisions of the last Eurogroup.
Ahead of this week’s Eurogroup, the bad loans plaguing Greece’s banks are once again coming into focus.
National Bank of Greece (NBG) reported a net profit of 20 million euros from continued operations in the first quarter (Q1), reversing the loss of 60 million euros in Q4.