Piraeus Bank’s bottom line turns profitable with 20 mln net profits in Q2

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

Piraeus Bank turned net losses of 37 million euros in the first quarter (Q1) of 2016 to profits of 20 million in Q2, which include a one-off trading gain of 77 million from the acquisition of Visa Europe from Visa Inc.

Excluding this one-off item, recurring pre-provision income (PPI) improved by 8 percent QoQ to 288 million in Q2 on the back of a 5 percent rebound in core income mitigated by a rise in core expenses by 3 percent.

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