Piraeus Bank SA posted a fourth-quarter 2016 net loss attributable to shareholders from continuing operations of €18 million, compared to a profit of €31 million in the previous quarter.
Net interest income for the quarter came in at €453 million, compared to €455 million in the third quarter. Net fee and commission income increased quarter over quarter to €91 million from €82 million.
The bank recorded fourth-quarter 2016 impairment losses on loans of €310 million, widening from €210 million in the previous quarter. The bank's pre-provision income for the fourth quarter of 2016 decreased quarter over quarter to €227 million from €253 million.
The bank reported a full-year 2016 net loss attributable to shareholders from continuing operations of €4 million, compared to a loss of €1.86 billion in 2015. Net interest income for 2016 amounted to €1.81 billion, compared to €1.88 billion in 2015, while net fee and commission income increased to €326 million from €306 million.
The bank recorded full-year 2016 impairment losses on loans of €1.02 billion, compared to €3.49 billion in the previous year.
At 2016-end, the group coverage ratio of loans in arrears over 90 days by cumulative provisions increased to 69.5% from 67.5% at the end of September 2016 and 65.0% at 2015-end. Some 37.5% of the bank's loans were in arrears over 90 days, but the group noted that it had reduced bad loans by a total of €2.5 billion over the course of 2016.
Nonperforming exposures, a European metric that includes some restructured loans, amounted to 52.0% of the total loan book at year-end.
At the end of December 2016, the bank's phased-in and fully loaded common equity Tier 1 ratios were 17.0% and 16.2%, respectively.