Greece's NBG bank turns to profit in first half

Greece's top lender NBG on Thursday reported a net profit of 344 million euros ($455 million) for the first half of 2013, compared to a 1.9-billion-euro loss in the same period last year. "The group's core profitability was positive for a third consecutive quarter, pointing to a return to healthy results," the bank said in a statement. NBG credited Greece's "steady progress in pushing through essential adjustments and reforms" for providing a "new dynamic to the economy." All four of Greece's main lenders -- that also include Piraeus, Alpha and Eurobank -- recently underwent a process of recapitalisation as part of the terms included in the country's international bailout deal. NBG, Alpha and Piraeus mustered the necessary capital to remain private and avoid effective nationalisation, while Eurobank confirmed its full state recapitalisation. NBG said that total assets for the first half of 2013 stood at 110.4 billion euros, compared to 103.8 billion for the same period last year, marking a six-percent rise. Deposits saw a ten-percent increase, now standing at 60.8 billion euros compared to the previous 55.2 billion. In March, NBG had announced a net loss of 2.14 billion euros for all of 2012, while in 2011, it had lost over 12.3 billion euros. Last year, Greek banks sustained heavy losses in a sovereign debt write-down worth more than 100 billion euros and a subsequent debt buy-back.