Eurobank Cyprus deposits up, profits down in 9M16
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.