Piraeus Bank’s Q3 profit rises on higher fee income

Piraeus Bank grew third quarter net profit as higher fees and lower operating costs offset higher loan-loss provisions, Greece’s largest lender by assets said on Friday.

Piraeus, which is 26.2 percent owned by the country’s HFSF bank rescue fund, reported a net profit from continued operations of 44 million euros after net earnings of 20 million in the second quarter.

The bank said its nonperforming exposures (NPEs) came down to 25.7 billion euros at the end of September from 27.3 billion at the end of last year.

Provisions for impaired loans rose to 157 million euros from 146 million in the second quarter.

[Reuters]