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Eurobank Posts Lower 1st-Half Profit Due to Higher Provisions

ATHENS, July 31 (Reuters) - Eurobank, Greece's largest lender by market value, on Monday reported a lower net profit in the first half of the year, due to higher provisions.

The bank reported net earnings of 684 million euros in the first half of 2023 from 941 million in the same period in 2022.

Greek banks have cut their bad loan ratios to below 8% in 2022 from 45% in 2016 but still remain above euro zone peers. They have returned to profit the last few years and hope to resume paying out dividends in 2024, for the first time since the Greek debt crisis broke out in 2010.

Eurobank's Non Performing Exposure ratio fell to 5.2% at the end of June, from 5.9% a year ago.

Despite the fall in profit the bank's net interest income grew by 56.2% year on year in the January to June period to 1.04 billion euros, driven by higher interest rates, growing lending and its international business.

Reporting by Athens Newsroom; editing by David Evanse

Source: Reuters

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