Piraeus reports net loss of 37 mln in Q1, records negative NPL formation for first time since 2008

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

Piraeus Bank posted a net loss of 37 million euros in the first quarter (Q1) of 2016 from 1.24 billion in the previous quarter, primarily burdened by exceptionally high loan provisions, and 67 million a year ago.

The banks’ core pre-provision income (PPI) improved by 14 percent quarter on quarter (QoQ) on the back of net interest income (NII) rebound and cost containment.

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