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BoG: Greek banks are in line with operational targets

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The Bank of Greece confirmed that the four systemic banks are in line with the key targets agreed regarding NPL/NPE reduction in its quarterly report on banks’ operational targets. 

Specifically, their aggregate stock of NPEs was lower by EUR 1.6bn vs. the target agreed for June 2017, while they have missed the respective NPL target by EUR 0.4bn.

According to the report the stock of NPE was lower by 2% during Q2 and by 5.2% since their peak in March 2016. The quarterly default rate during Q2 remained above 2% still exceeding the cure rate; thus the quarterly reduction of NPEs was mainly due to write offs especially in business and consumer portfolios.

The highest quarterly inflows were reported in the mortgages portfolio which were counterbalanced to some extent by the significant cure rates. Greek banks were also in line with the target set for cash recoveries from NPEs but performed worse in all other secondary targets (modifications, legal actions etc).
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