May 24, 2017 / 2:59 PM / 5 months ago

Greece's Piraeus Bank narrows Q1 loss after lower bad debt provisions

ATHENS, May 24 (Reuters) - Piraeus Bank was in the red for a second straight quarter in January-to-March with lower provisions for impaired loans helping to narrow its loss, Greece’s largest lender by assets said on Wednesday.

Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF, reported a net loss of 6 million euros ($6.71 million) after a net loss of 12 million euros in the fourth quarter.

The group, with a current market value of 2.02 billion euros, said bad debt provisions fell to 258 million euros in January-to-March from 310 million in the fourth quarter.

Non-performing loans edged up to 37.8 percent of its book at the end of March from 37.5 percent in the previous quarter. ($1 = 0.8937 euros) (Reporting by George Georgiopoulos)

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