Greece's biggest bank turns a Q4 profit

AP News
Posted: Mar 27, 2013 1:07 PM

ATHENS, Greece (AP) — Greece's biggest bank, National Bank of Greece, has reported a sharply narrower loss for 2012 and even says it made a profit in the final three months of the year.

It says it lost 2.14 billion euros ($2.73 billion) as the country continued to struggle in the face of its acute debt crisis. Still that was a big improvement on the previous year when it lost 12.3 billion euros ($15.7 billion).

However, NBG also says Wednesday it made a 315 million euros ($402 million) profit in the last quarter of 2012, and hopes to remain profitable in the first three months of 2013.

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CEO Alexandros Tourkolias says these are signs that conditions are getting more normal, and notes that some deposits are returning.

NBG is merging with domestic rival Eurobank.