Greek banks well on track to recovery

Written by on November 29, 2013 in Business - No comments

Financial results of Greece’s largest banks are showing an improvement in their fundamentals and performance over the last year as their restructuring efforts pay off.

The National Bank of Greece reported on Wednesday a nine-month profit for the first nine months of the year.

The group posted net earnings of 262 million euros from a loss of EUR 2.45 billion in the same period last year. NBG said provisions for bad loans fell by 34 percent year-on-year to EUR 1.24 billion.

Meanwhile, Alpha Bank, Greece’s fourth-largest lender by assets, posted a narrower loss for the first nine months of the year on Thursday.

The restructuring of the Greek banking system appears to be paying off but the effort is far from over. With stress tests by the ECB coming up, the cost-cutting drive is progressing.

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