Piraeus Bank announced on Tuesday that it has reached a final agreement with Davidson Kempner for the sale of a shipping NPE portfolio with a gross book value of 400 million euros.
In the closing weeks of the year, Greek systemic banks have maintained their efforts to tidy up their balance sheets and execute on their business plans, which foresee them reaching single digit NPEs by the end of next year.
In the third quarter (Q3) of 2021, loans managed by Credit Servicing Firms (CSF) stood at 72.2 billion euros, according to data released by the Bank of Greece (BoG) on Thursday.
The progress made by Greece’s banks to clean up their balance sheets was reflected in the latest financial stability report published by the Bank of Greece (BoG) on Thursday.
Alpha Bank reported a net loss of 2.5 billion euros in the first nine months of the year (9M), compared to profits of 134 million euros in 9M 2020, due to booking losses from its Galaxy NPE portfolio securitisation.
National Bank of Greece (NBG) reported a profit after tax from continuing operations of 714 million euros in the nine months of the year (9M), compared with a profit of 602 million euros in the same period of 2020, improving by 19 pct.
Eurobank posted a net income of 216 million euros in the first nine months (9M) of the year, compared to a loss of 1.08 billion euros in the same period last year.
Piraeus Bank posted a loss of 3.09 billion euros in the first nine months (9M) of 2021 due to impairments related to the NPE clean-up from loan securitisations and sales and Covid-19.
Piraeus Bank announced on Monday that it entered into definitive agreement with Intrum and Serengeti Asset Management for the sale of 49 pct of the mezzanine and 2 pct of the junior notes of the Sunrise II securitisation.
Greece’s systemic banks are moving ahead with efforts to improve their balance sheets, aiming for single digit NPE ratios and profitability next year through securitisations assisted by the extension of the Hercules II APS.