Greece’s debt crisis continues to influence the bank sector in the state, as notable by the results of Greece’s major banks, the Dnevnik daily reads. The National Bank of Greece’s (NBC), owner of Bulgarian United Bulgarian Bank (UBB), said its first-quarter net profit fell 93 percent as the recession and the debt crisis led to higher provisions, trading losses and weak loan volumes. NBG reported net earnings of 21 million euros, below market expectations. The group, also present in Turkey, Bulgaria, Romania, Serbia, Albania, Cyprus and Ukraine, said Turkish subsidiary Finansbank’s profit in the first quarter grew 32 percent to 122 million euros quarter-on-quarter. NBG CEO Apostolos Tamvakakis told Reuters that the bank’s main challenge during 2010 would be maintaining the quality of credits, while continuing to support households and companies in times of crisis.
Another major Greek bank – Alpha Bank, finished Q1 of 2010 with losses of EUR 10, 4 million.
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Greek banks with poor results for Q1 of 2010
Greece’s debt crisis continues to influence the bank sector in the state, as notable by the results of Greece’s major banks, the Dnevnik daily reads. The National Bank of Greece’s (NBC), owner of Bulgarian United Bulgarian Bank (UBB), said its first-quarter net profit fell 93 percent as the recession and the debt crisis led to higher provisions, trading losses and weak loan volumes. NBG reported net earnings of 21 million euros, below market expectations. The group, also present in Turkey, Bulgaria, Romania, Serbia, Albania, Cyprus and Ukraine, said Turkish subsidiary Finansbank’s profit in the first quarter grew 32 percent to 122 million euros quarter-on-quarter. NBG CEO Apostolos Tamvakakis told Reuters that the bank’s main challenge during 2010 would be maintaining the quality of credits, while continuing to support households and companies in times of crisis.
Another major Greek bank – Alpha Bank, finished Q1 of 2010 with losses of EUR 10, 4 million.
