Greece's Eurobank posts one-billion-euro loss in Q3

  • Karpal Singh dies in road accident, son injured
    Karpal Singh dies in road accident, son injured

    Bukit Gelugor MP Karpal Singh died in a car accident on the North-South Expressway this morning near Gua Tempurung, Kampar in Perak. Police has confirmed the incident that happened shortly before 1am at KM301.6 of the expressway. Karpal, who would have turned 74 in June, was believed to be travelling from Kuala Lumpur to Penang to attend a... …

  • Sales of Malaysian products normal in China despite boycott call – Bernama
    Sales of Malaysian products normal in China despite boycott call – Bernama

    The sales of Malaysian products in China, particularly food and beverage (F&B) products, remain normal despite calls by Chinese netizens to boycott them following the disappearance of Malaysia Airlines (MAS) flight MH370. A Malaysian importer of various products here, Loh Wee Keng, said the sales of F&B products were normal, especially in... …

  • Detainee’s ‘sudden death’ in jail due to viral infection, say police – Bernama

    A man who was remanded by the police last week on a drug-related offence was found dead at the Jinjang police station lock-up in Kuala Lumpur early today. The police found A. Mogan, 48, on the floor of the cell and foaming at the mouth at 12.45am. Sentul police chief ACP Zakaria Pagan said after finding Mogan unconscious, the police called... …

  • Sea Dragon and other probes that can go deeper may take over if mini-sub fails, says CNN
    Sea Dragon and other probes that can go deeper may take over if mini-sub fails, says CNN

    The search for Malaysia Airlines flight MH370 is nearing the end of its 40th day without any significant development and CNN aviation consultant Mary Schiavo said underwater probes which can go deeper may be deployed if current efforts using a high-tech mini-submarine fails. The mini-submarine or autonomous underwater vehicle (AUV), known as... …

  • Police cadet delivers baby in toilet while under training
    Police cadet delivers baby in toilet while under training

    A police trainee who was undergoing training at the police training centre (PULAPOL) delivered a baby girl in a toilet at a hospital yesterday, three months after she was tested negative for pregnancy. A source said the trainee, delivered her baby in a toilet of the Kuala Lumpur Hospital at 11am. Both mother and child are in good health. It... …

  • Mahathir wants Causeway replaced with ‘Friendship Bridge’ to Singapore – Bernama
    Mahathir wants Causeway replaced with ‘Friendship Bridge’ to Singapore – Bernama

    Former Prime Minister Tun Dr Mahathir Mohamad (pic) today suggested the removal of the Johor Causeway in order to build the Friendship Bridge proposed by the government.    He said the Johor Causeway causes various problems, mainly involving environmental issues and traffic congestion, in Johor Baru.   "If it is a bridge, then what need is... …

Greece's third-largest lender Eurobank on Thursday reported a net loss of 1.095 billion euros ($1.44 billion) over the first nine months of 2012, after writing off six billion euros to help the country reduce its sovereign debt.

As a result, Eurobank said it needed recapitalisation funds of 5.8 billion euros overall that are due from Greece's EU-IMF bailout deal.

"Eurobank through the recapitalisation process will receive 5.8 billion euros that roughly correspond to the capital losses that stem from its participation in the PSI exercise," the bank's CEO Nicholas Nanopoulos said in a statement, referring to the debt write-down.

Greek banks are to receive 50 billion euros overall to restore their capital after a sovereign debt write-down in the spring, and a subsequent debt buy-back earlier this month.

Eurobank had received a first instalment of 3.97 billion euros for this purpose in May.

The bank said its losses had grown by 635 million euros in the second quarter of 2012 and by another 223 million in the third quarter.

Total operating income fell by 22.5 percent to 1.4 billion euros over the nine month-period to September, while expenses were reduced by 4.4 percent to 799 million euros.

With the recapitalisation funds and the sale of Turkish subsidiary Tekfen that is near conclusion, Eurobank said its core tier I capital -- a key indicator of bank vitality -- would stand at 11.5 percent compared to a minimum requirement of nine percent.

Eurobank had posted a net loss of 575 million euros in the equivalent nine-month period last year.

European leaders last week decided to unblock a total of 49.1 billion euros from the country's outstanding financial assistance package by early next year in return for a new austerity deal in Athens.

The EU rescue money earmarked for the recapitalisation of Greek banks -- 16 billion euros -- was disbursed on Wednesday.

In a sign of returning confidence, Eurobank said its deposits in Greece had increased by one billion euros in the third quarter and the trend continues.

It is next due to merge with Greece's top lender National Bank.

"The planned merger of Eurobank with National Bank is an important development in the overall restructuring of the Greek banking system," Nanopoulos said.

"The new entity, with its enhanced size in a European context, will exploit the competitive advantages of both organisations, and, will thus be able to play a leading role in the financing of Greek companies, the gradual restoration of confidence, the rebuilding of the Greek economy and its return to growth on new, sounder foundations," he said.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says The Malay Mail Online
    ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says

    KUALA LUMPUR, April 16 — The “huge” statues at a Hindu temple in Batu Caves and Buddhist temple in Penang are an affront to Islam as the religion forbids idolatry, a retired Court of Appeals judge... …

  • Wreck hunter confident MH370 crash site found, says Aussie paper The Malaysian Insider
    Wreck hunter confident MH370 crash site found, says Aussie paper

    A wreck hunter is confident that the search teams had pinpointed the crash site of Malaysia Airlines flight MH370 and believes that the black boxes will be located soon, the Sydney Morning Herald (SMH) reports. David Mearns, director of Blue Water Recoveries told the ABC's 7.30 programme yesterday, he was confident that, because of their... …

  • ‘All the best’, Selangor MB tells Bible society at exit The Malay Mail Online
    ‘All the best’, Selangor MB tells Bible society at exit

    SHAH ALAM, April 15 — Selangor Mentri Besar Tan Sri Khalid Ibrahim said today he wished the Bible Society of Malaysia (BSM) well on its decision to move its headquarters out to Kuala Lumpur to... …