ATHENS, Greece (AP) — National Bank of Greece, the country's largest lender, says a strong performance by its Turkish subsidiary helped boost first-half profits to 344 million euros ($455 million), after deep losses a year ago.
NBG said Thursday its Turkish Finansbank unit recorded a 30 percent increase in first-half profits to 332 million euros. The bank also said its overall provisions for bad loans fell from 1.2 billion euros a year ago to 853 million in January-June.
In the first half of 2012, NBG recorded losses of 1.9 billion euros. In June, the bank succeeded in raising enough capital to avoid being nationalized under a 50 billion euro rescue fund for Greek lenders set up with international bailout cash.
Greece is in the midst of an acute debt crisis.