Piraeus Bank net losses at 332 mln in Q4 2014, NPLs drop under 39 pct

EconomyBanking Tags: Banking, NPLs, Piraeus
Photo by MacroPolis
Photo by MacroPolis

Piraeus Bank reported net losses of 332 million euros the fourth quarter (Q4) of 2014 from 1.56 billion in Q3, which were exceptionally high due to a sharp rise in impairment losses to 2.24 billion.

At the end of 2014, that bank realised 88 percent of the targeted cost synergies and 100 percent of funding synergies related to the acquisition of 5 banks (ATEbank, 3 Cypriot banks’ operations in Greece and Millennium Bank) over the past two years.

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