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Greece's biggest bank turns a Q4 profit

[March 28, 2013]  ATHENS, Greece (AP) -- Greece's biggest bank, National Bank of Greece, has reported a sharply narrower loss for 2012 and even says it made a profit in the final three months of the year.

It says it lost 2.14 billion euros ($2.73 billion) as the country continued to struggle in the face of its acute debt crisis. Still that was a big improvement on the previous year when it lost 12.3 billion euros ($15.7 billion).

However, NBG also says Wednesday it made a 315 million euros ($402 million) profit in the last quarter of 2012, and hopes to remain profitable in the first three months of 2013.

CEO Alexandros Tourkolias says these are signs that conditions are getting more normal, and notes that some deposits are returning.

NBG is merging with domestic rival Eurobank.

[Associated Press]

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