Eurobank Cyprus de­posits up, prof­its down in 9M16

Financial Mirror (Cyprus) - - FRONT PAGE -

Eurobank Cyprus Ltd., the whol­ly­owned sub­sidiary of the Greek bank which is un­af­fected by the trou­bled econ­omy in Greece, an­nounced ‘sat­is­fac­tory’ prof­its in the 9-month pe­riod, where it also man­aged to in­crease de­posits.

Eurobank Cyprus af­ter-tax prof­its reached EUR 28.9 mln for the pe­riod, which could fall short of the 39.1 mln in prof­its re­ported for the whole of 2015.

How­ever, the bank said that its cap­i­tal ad­e­quacy ra­tio stood at a healthy 29.1% and the bench­mark core eq­uity tier 1 (CET1) ra­tio at 27.0%, al­most dou­ble the re­quire­ments of the Euro­pean Cen­tral Bank. Liq­uid­ity has been boosted with de­posits ris­ing to EUR 3.66 bln, from 3.24 bln for the whole of 2015, while its loans- to-de­posits ra­tio has been im­proved to 24%, ex­clud­ing loans se­cured by de­posits.

The bank added that its loans port­fo­lio is also very healthy, with the non-per­form­ing loans, based on Euro­pean Bank­ing Au­thor­ity stan­dards, at the low rate of just 7%. The av­er­age for Cyprus com­mer­cial banks is closer to 50%.

Fi­nally, the bank said it has also main­tained costs at a low, with the cost-to-in­come ra­tio cur­rently at 30%. The bank said in an an­nounce­ment that it has es­tab­lished it­self in the ar­eas of pri­vate bank­ing, large cor­po­rates, in­ter­na­tional bank­ing and se­cu­ri­ties.

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