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Eurobank returns to black after 17 straight quarters of posting losses

Domestic lender Eurobank returned to profitability after 17 consecutive quarters of posting losses, as it recorded 60 million euros in profits for Q1 2016 and an improvement on all economic levels, the bank revealed on Tuesday.

The Eurobank group’s profits reversed a previous quarterly performance of losses totaling 175 million euros, with net profits from interest up 2 percent.

Operational costs, meanwhile, were reduced by 1.4 percent on an annualized basis, whereas total profits were up 57.9 percent (261 million euros).