articles | 04 September 2015

Eurobank Cyprus profits reach €17m in H1 2015

Eurobank EFG Cyprus has reported a profit of €17,3 million in the first half of 2015 despite the negative developments in Greece.

“The recurring positive results show that Eurobank Cyprus managed to deal with developments and kept its financial strength and its ability to consistently present recurring profitability unaffected, demonstrating the solid foundations of its work and its conservative approach in risk-taking,” a Eurobank statement said.

More analytically:

Net interest income decreased by 2.7% to € 33,1 million compared to the first half of 2014, a decrease attributed to the faster reduction in lending rates compared to depositrates.

Net income from commission resulting from ordinary banking operations amounted to € 8,3 million compared to € 4,6 million in the first half of 2014, posting an increase of 82%.

The capital adequacy ratio stood at 27% and the common equity tier I (CET1) ratio at 24%.

The bank’s deposits amounted to € 2.782 million and the loan to deposit ratio (excluding loans secured by deposits) is 35%.

The ratio of non-performing loans stands at just 6.4%, on the basis of the new directives of the European Banking Authority.

Accumulated provisions to cover credit risk amounted to € 79,1 million which corresponds to 76% of loans in arrears for more than 90 days or 60% of total non-performing loans, based on the European Banking Authority reference standards.

The cost to income ratio is at 29%.

Eurobank EFG appears confident that as the Cyprus economy returns to growth, businesses and households alike will feel more confident to once again engage in new business activities.

Source: InCyprus

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