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Greek Piraeus Bank posts Q1 profit on deferred tax
May 30, 2012 / 2:22 PM / 5 years ago

Greek Piraeus Bank posts Q1 profit on deferred tax

ATHENS, May 30 (Reuters) - Piraeus Bank, Greece’s fourth-largest lender, on Wednesday reported a 298 million euro profit in the first quarter, making use of a remaining deferred tax asset related to a bond swap.

Excluding the deferred tax, the bank lost 80 million euros.

Piraeus said provisions for impaired loans rose 78 percent year-on-year to 296 million euros as the economy deteriorated while net interest income fell 22 percent to 236 million euros.

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