articles | 06 June 2016

Eurobank Cyprus Q1 2016 profits at €7.8m

Eurobank Cyprus announced its fiscal report for Q1 of 2016, recording after-tax profits of €7.8 million.

In a press release, the bank says that it maintained a strong capital position, with the Capital Adequacy Ratio at 30% and the CET1 at 26.6%.

There was also significant excess liquidity, with deposits reaching €3.334 million and the Loan to Deposit Ratio at 29%.

A very high quality of loan portfolio was also recorded, with the NPE ratio staying at a low 6.9%.

There was also effective management of operating costs, with the Cost to Income ratio at 33%.

The repeated positive results, says Eurobank Cyprus, show that the bank continues along the path set since the beginning of its operation, towards a conservative approach to risk-taking and a client-centric model of operation.

The press release said that the positive outlook of the Cypriot economy translates into a positive outlook for Eurobank Cyprus’ finances as well.

Eurobank Cyprus continued by adding that it believes, “the large effort begun in 2013 to restructure the economy, to make it more flexible and competitive, not only needs to continue, but become more intensive.”

The bank stressed that it is crucial that the state is restructured to become more efficient, and to tie any increases in state salaries to economic growth.

It also said that additional tax incentives must be given to draw investors, and that improving the tourist product is necessary. Supporting and providing added incentives in the shipping, services, export businesses and land development sectors was also listed as particularly important.

Regarding the role of Eurobank Cyprus in the Cypriot economy, the Bank said that it will continue to grow, invest in the local market, and support the Cypriot economy and sustainable business initiatives, but also create new job positions on the basis of developing its operations.

Source: InCyprus

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