After five straight years of losses, Greece’s largest banks are finally showing signs of life.
Eurobank reported a net profit of €60 million in the first quarter of 2016 after suffering a loss of €175 million in the fourth quarter of last year.
The National Bank of Greece experienced an even bigger turn around, flipping a loss €889 million in the fourth quarter of 2015 into a net profit of €87 million in the first quarter of this year.
And Piraeus Bank came close to breaking even, having reduced a massive €1.24-billion loss in the fourth quarter of 2015 to just €37 million in the first quarter of this year. Michalis Sallas, the head of Piraeus, expects Greece’s largest bank to turn a profit of “several hundred million euros” this year.