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Lower provisions boost National Bank of Greece's Q1 results

National Bank of Greece SA reported first-quarter profit after tax from continuing operations of €20 million, compared to a loss of €9 million in the same period in 2017.

Net interest income fell year over year to €289 million from €366 million, while net fees and commissions rose to €62 million from €60 million.

The bank booked trading and other income of €25 million, down from €39 million in the first quarter of 2017.

The lender noted that net interest income and trading income for the previous period were restated to reflect changes under the new IFRS 9 accounting standards.

Provisions stood at €120 million in the quarter, down from €233 million a year ago.

At the end of March, the bank's common equity Tier 1 ratio stood at 16.5%, incorporating the IFRS 9 phase-in impact of 50 basis points and CRD IV fully loaded impact of 16 basis points, compared to 16.7% at the end of 2017.

The bank also said that its stock of domestic nonperforming exposures declined €800 million quarter over quarter, with negative NPE formation accounting for €100 million. NPE ratio was 42.7% in the first quarter, compared to 43.7% at the end of 2017, while the NPE coverage ratio fell on a quarterly basis to 60.2% from 61.2%.