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Eurobank Posts 913-mln-Euro Loss in Q4 of 2013

eurobank1_533_355Greece ‘s Eurobank Ergasias SA, the country’s fourth largest lender, reported a €913 million loss in the last quarter as it implemented a government-backed restructuring scheme.
In a statement, the bank said it had taken €660 million in provisions for bad loans in the final three months of 2013, and wrote off another €563 million in restructuring and other charges.
A year ago, the bank posted a net loss of €357.9 million on €442.3 million in provisions—though the numbers aren’t directly comparable because since then, Eurobank has absorbed two smaller lenders as part of a shake-up in Greece’s banking sector.
“We are proceeding to further clean up and strengthen the balance sheet, following a conservative provisioning policy,” Chief Executive Christos Megalou said. “We are enhancing the quality of the portfolio, significantly increasing the coverage ratio of nonperforming loans.”
(source: wsj)

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