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.
Alpha Bank reported net profits of 65.2 million euros for the first quarter (Q1) of 2018, reversing the loss of 64 million in Q4 2017.
Eurobank recorded net profits of 34.5 million euros in the first quarter (Q1) of 2018, representing a year-on-year (YoY) decline of 5.5 percent versus net profits of 36.5 million euros in Q1 2017.
Piraeus Bank has agreed the sale of a corporate NPE portfolio worth 1.95 billion euros as part of its ongoing strategy to reduce the volume of bad loans on its books.
Having breathed a sigh of relief following the conclusion of the stress test exercise, which did not indicate any need for raising significant additional capital, Greek banks can now continue without any distractions to tackle the major challenge of de-risking their balance sheets by reducing the number of non-performing exposures (NPEs).
Piraeus Bank’s first quarter (Q1) results revealed net results from continued operations showing a loss of 80 million euros compared to a net profit of 12 million in Q4 2017.
The European Central Bank’s (ECB) Banking Supervision announced on Saturday the results of the 2018 stress tests for Greece’s four systemic banks following the same methodology and approach as the EU-wide EBA exercise.