December 1, 2011
Piraeus Bank SA, Greece's fourth-largest lender by assets, Wednesday missed market expectations as sharply higher provisions for bad loans forced the bank to report a third-quarter net loss.
The bank reported a net loss of €345.2 million ($459.6 million) from continuing operations in the three months to Sept. 30, and a total net loss of €353.5 million, including its Egyptian operations which are up for sale.
The loss marks a sharp downturn for the bank—traditionally the weakest of Greece's four major lenders—which reported a profit of €4.3 million in the same period last year. Net interest income—the difference a bank earns between its loans and deposits—declined to €298.7 million from €301.2 million while provisions more than tripled in the quarter to €546 million from €150.1 million a year earlier.
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