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Eurobank reports lower year-on-year first quarter profit, loan-loss provisions ease

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ATHENS (Reuters) – Greece’s third-largest lender Eurobank reported lower profit in the first quarter compared to the same period a year earlier, with provisions for impaired loans declining slightly year-on-year.

Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 20 million euros ($22.24 million) from continued operations, compared to a profit of 35 million euros in the first quarter of 2018.

Credit loss provisions fell 1.5 percent year-on-year to 165 million euros. Non-performing exposures (NPEs) dropped to 36.7% of its loan book from 37% at the end of December.

(Reporting by George Georgiopoulos)

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