National Bank of Greece SA reported a fourth-quarter 2017 loss of €265 million as it raised loan provisions by 29% and booked €200 million of one-off losses related to various disposals.
For full year 2017, the bank reported a loss of €443 million, down from €2.89 billion in 2016. It had booked a third-quarter loss of €35 million.
Net interest income fell quarter over quarter to €365 million from €376 million, while net fees and commissions rose to €65 million from €56 million. The bank booked a loss of €20 million on the trading and other income line, compared to a loss of €81 million in the third quarter of 2017.
Provisions of €200 million in the fourth quarter were up from €155 million in the third quarter, and took the figure for the full year to €788 million, up from €695 million in 2016. Nonperforming exposures represented 44.0% of total loans at year-end 2017, down from 45.2% three months earlier.
The bank said NPEs are down €4.2 billion since the end of 2015, putting it about €830 million ahead of its target for full year 2017 and roughly halfway to its target for 2019.
Coverage of NPEs dipped slightly over the same span, to 55.1% from 55.9%. NPE coverage in Greece alone stood at 55.7%, rising to 61.3% when taking into account the implementation of new International Financial Reporting Standards, known as IFRS 9.
For the full year, losses from discontinued operations amounted to €249 million, down from €2.88 billion in 2016. In 2017, they included €237 million related to the sale of the bank's Serbian business, €180 million of which represented recycling of foreign-exchange losses through the profit and loss statement, with no impact on equity or regulatory capital.
The common equity Tier 1 ratio stood at 16.7% on a fully loaded basis at the end of 2017, up from 16.6% three months earlier, while the phased-in CET1 ratio was up to 17.0% from 16.8%.