March 31, 2017 / 2:39 PM / 10 months ago

Greece's Piraeus Bank swings to loss in Q4, bad debt provisions rise

ATHENS, March 31 (Reuters) - Piraeus Bank turned loss-making in the fourth quarter after booking higher provisions for impaired loans, Greece’s largest lender by assets said on Friday.

Piraeus, which is 26.2 percent owned by the country’s bank rescue fund HFSF, reported a net loss of 18 million euros ($19.2 million) after net profit of 31 million euros in the third quarter.

For 2016 as a whole, Piraeus reported a net loss of 4.0 million euros after a loss of 1.85 billion in 2015.

The group, with a current market value of 1.53 billion euros, said bad debt provisions rose to 310 million euros in October-to-December from 242 million in the third quarter.

Non-performing credit dropped to 37.7 percent of its loan book at the end of December from 38.8 percent in the previous quarter. (Reporting by George Georgiopoulos and Lefteris Papadimas)

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