Eurobank’s results for the third quarter (Q3) of the year showed net profits after income tax at 61.2 million euros compared to net profits of 37.3 million euros in Q2, a rise of 64.1 percent.
Greek banks will be able to bolster their protective measures against the large number of non-performing loans (NPLs) on their books under planned changes to the Code of Civil Procedure.
Eurobank became the second major Greek bank to return to the international markets with the issuance of a covered bond on Wednesday, its first since 2014.
Trust in the Greek banking system has been badly damaged by events of recent years according to a survey by Alvarez & Marsal on behalf of the Bank of Greece.
The National Bank of Greece (NBG) has become the first Greek bank to venture back into the international bond market with the successful issue of a covered bond which raised 750 million euros.
Eurobank became the first Greek systemic bank to sell a package of non-performing loans (NPLs) as Greek credit institutions attempt to tackle non-performing exposures (NPEs) in excess of 100 billion euros in their balance sheets.
Athens is hoping that a dispute between the European Central Bank and the International Monetary Fund (IMF) over Greek banks has been resolved, clearing an obstacle in the third review and easing the pressure the lenders have been experiencing lately.
Greek banks have been a topic of discussion over the last few days after eurozone official highlighted last week the need for the management of NPLs and amid pressure from the International Monetary Fund for new asset quality reviews (AQRs) to be carried out.
Greek banks succeeded in meeting their non-performing exposure (NPE) reduction target in the second quarter (Q2) of 2017 according to the fourth quarterly report on operational targets for NPEs by Bank of Greece.
Alpha Bank’s reported net profit stood at 1 million in the second quarter (Q2) of 2017 including profits of 71 million from continued operations offset by losses of 68.5 million from discontinued operations, mainly related to recycling of FX differences following the sale of its subsidiary in Serbia.