Piraeus Bank, Greece’s better lender by assets, has taken a €1.6bn hit to awning the amount of added accoutrement for bad loans as appropriate beneath a new accounting standard.
Banks accept to change the way they anniversary for bad loans beneath the new accounting standards, dubbed IFRS9, which has prompted abounding lenders to access their provisions.
Piraeus additionally said it had angled its anniversary accoutrement for bad loans to €2bn aftermost year. Combined with the appulse of IFRS9, that added its pro forma advantage of non-performing exposures to 52 per cent, up from 47 per cent a year ago.
The coffer said its banal of non-performing exposures, which includes some loans that accept been restructured, shrank by €2.5bn aftermost year to €31.3bn. But that still agency bad loans fabricated up 46 per cent of Piraeus’ antithesis sheet.
The appulse on the bank’s basic of the IFRS9 allegation has been mitigated by a aphorism acceptance it to be phased in over several years. Piraeus, which said it accepted to breach alike at the ancestor aggregation akin in 2017, said its accepted disinterestedness bank one arrangement had collapsed from 17 per cent to 15.5 per cent in the year to December 31.
Piraeus said it was “progressing” on assorted accomplishments to abate its bad accommodation portfolio, including affairs to advertise a €2bn bartering accommodation portfolio and a €2.3bn apart customer accommodation portfolio, which calm it expects to addition its CET1 arrangement by 20 base points.
IFRS 9 requires banks to accomplish accoutrement on their antithesis bedding for accepted losses in the future, rather than losses they accept already had.
By affective from an “incurred loss” to an “expected loss” model, regulators achievement to abstain problems that occurred during the crisis back banks could not book accounting losses until they happened, alike admitting they could see them coming.
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