Greece’s second-largest lender gets 1stQ profit lift from trading gains

National Bank (NBG), Greece’s second-largest lender by assets, said profit from continuing operations had risen in the first quarter of 2019 on the back of higher trading gains.

NBG, 40% owned by the country’s bank rescue fund HFSF, said net profit from continued operations reached €131 million versus a net profit of €8 million in the last quarter of 2018.

Greek banks are focused on reducing their bad debt portfolios and meeting targets on so-called non-performing exposures agreed with regulators.

Trading income rebounded to €101 million in the first quarter from a loss of €47 million in the previous quarter.

«The results of (the) first quarter are beginning to reflect NBG’s significant efforts at transformation,»NBG Chief Executive Paul Mylonas said in a statement.

NBG’s ratio of non-performing exposures (NPEs), which includes non-performing loans (NPLs) and other credit likely to turn bad, edged lower to 38.9% from 40.9% in December. Its provisions for credit impairments rised by 70% quarter-on-quarter to €103 million.

Original Story:Reuters | Lefteris Papadimas 
Photo: National Bank of Greece
Edition:Prime Yield