Greece's Eurobank posts €223m loss in third quarter

City A.M. Reporter
Greek lender Eurobank this morning posted a third-quarter loss of €223m (£181m), as the recession caused a rise in non-performing loans.

Its nine-month losses came in at €1.1bn, a sharp increase from losses of €575m over the nine months of 2011. Higher funding costs led to a four per cent fall in net interest income in the third quarter.

The bank said its total recapitalisation need, as set by the country's central bank, was €5.8bn. This includes the impact of two Greek sovereign debt writedowns earlier this year.