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Greece - Financial Services, Economy & Statistics, Capital markets
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Greece's Piraeus Bank 9M net profit down 50%, better than forecast

George Georgiopoulos - 20.11.2009

Piraeus Bank, Greece's fourth-largest lender, beat forecasts with a 50% drop in nine-month net profit to 219 million euros on stalled loan growth and higher provisions.

The average forecast in a Reuters poll of analysts was for a net profit of 203 million euros.

Quarter-on-quarter, Piraeus showed net earnings growth of 18% to 90 million euros in the three months to September, management said in a statement.

"A year after the economic crisis in Greece and the broader region, Piraeus Bank has managed to strengthen its position. The Group's balance sheet is solid, its liquidity position is close to historically high levels," Chairman Michael Sallas said.

Loan-loss provisions rose to 331 million euros -- 2.5 times higher than the same period in 2008.

Net interest income in the nine-month period fell 6.0% to 812 million euros. Loans shrank 1.5% year-on-year to 38.3 billion euros.

Athens-quoted Piraeus Bank (www.piraeusbank.gr) operates in Romania, Bulgaria, Serbia, Albania, Cyprus, Egypt, Ukraine and the US.

Source: Reuters, Balkans.com Business News

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