Eurobank Cyprus prof­its rise 10% to 38.6 mln

Financial Mirror (Cyprus) - - FRONT PAGE -

Eurobank Cyprus Ltd, the wholly-owned sub­sidiary of one of the ‘big four’ banks in Greece, recorded a 10% rise in prof­its to EUR 38.6 mln in 2014, up from EUR 35 mln the pre­vi­ous year, de­fy­ing the neg­a­tive eco­nomic cli­mate in both coun­tries. That is a steady im­prove­ment on the 2014 half-year prof­its of EUR 26.3 mln.

Con­sid­ered a mer­chant bank that fo­cuses on in­ter­na­tional busi­ness, wealth man­age­ment, large cor­po­rate and cap­i­tal mar­kets, Eurobank Cyprus en­joyed a 34% rise in de­posits to EUR 3.31 bln (1H 2014: EUR 2.83 bln), with its cap­i­tal sur­plus at over EUR 2 bln. This helped main­tain a healthy loans to de­posits ra­tio of 28% and cap­i­tal ad­e­quacy ra­tio of 20%.

On the is­sue of bad loans, the scourge of the Cyprus bank­ing sys­tem where non­per­form­ing loans ac­count for about 50% of the na­tional loans book, Eurobank Cyprus’ NPL ra­tio was at an en­vi­able 7.2%. The bank also main­tained its ex­pen­di­ture un­der con­trol, with its cost to in­come ra­tio at 24%.

Es­tab­lished in 2007, Eurobank Cyprus said in an an­nounce­ment that it is con­fi­dent of the fu­ture, based on the im­prov­ing cli­mate and fis­cal eco­nomics in Cyprus and that with its strong cap­i­tal base and liq­uid­ity, it will con­tinue to sup­port vi­able busi­ness ven­tures and devel­op­ment op­por­tu­ni­ties that will ul­ti­mately help cre­ate more jobs and growth.

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