NBG, majority holder in Romanian lender Banca Romaneasca, posted local losses before provisioning of EUR2 million, versus a net profit of EUR9 million in the first quarter of 2011.
The lender said operating costs on the Romanian market decreased 12% on the year to EUR15 million in the first quarter.
Net revenues from interests fell 54% to EUR10 million in January through March, whereas revenues from fees and other taxes were down 30% on the year to EUR2 million.
The lender booked provisions in Romania worth EUR12 million in the first quarter, up from EUR10 million in the same months of 2010.
Overall loans provided on the local market stood at EUR1.94 billion end March, down 13% on the year. NBG said non-performing loans amounted to 12.9% of the total loans, up from 8.5% in March 2011.
Worldwide, NBG reported a loss of EUR537 million in the first quarter, from net profit a year earlier, due to a 47% increase in provisions.
NBG owns 89.07% in Banca Romaneasca. The group also has indirect control of Romanian insurer Garanta and operates three other companies on the local market, namely NBG Leasing IFN, NBG Securities Romania and NBG Factoring Romania.