Greece's Eurobank has cut loan loss provisions by 9.3% in 2018 to EUR 680m ($764m).
The major shipping lender said they accounted for 189 basis points (bp) of average net loans.
The non-performing exposure (NPE) ratio decreased by 550 bp from 2017 to 37%.
The NPE value was down by EUR 3.5bn in 2018.
Looking ahead, the bank said the NPE ratio is expected to be reduced to 16% in 2019 and into single digits by 2021, while the "substantially lower cost of risk as of 2020 is expected to drive strong sustainable earnings per share."
"The Greek economy, our main market, shows signs of sustainable growth and restores market access with bond issues, as evidenced by the successful issuance of a 10-year reference bond, the first after nine years," said CEO Fokion Karavias.
"Based on our results and the current execution pace, we remain confident that we can deliver on the full plan on schedule, by the end of the year.”
Net profit was up 8% at EUR 200m, while net interest income dropped 3.3% to EUR 1.4bn.
