ATHENS, March 9 (Reuters) - Piraeus Bank, Greece’s second-largest lender, swung to a loss in last year’s final quarter, hurt by provisions for impaired loans.
Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF after its recapitalisation late last year, reported a loss of 1.238 billion euros ($1.36 billion) versus net profit of 495 million euros in the third quarter of 2015.
The group, with a current market value of 1.55 billion euros, said loan-loss provisions rose to 1.384 billion euros in October-to-December from 244 million in the third quarter.
Non-performing credit dropped to 39.5 percent of its loan book at the end of December from 40.5 percent in the third quarter. ($1 = 0.9108 euros) (Reporting by George Georgiopoulos)