EFG Eurobank earn­ings get Pol­ish boost

Kathimerini English - - Business & Finance -

Eurobank EFG, Greece’s sec­ond-largest lender, yes­ter­day re­ported a profit of 74 mil­lion eu­ros in the first quar­ter, book­ing gains from the sale of Pol­ish unit Pol­bank to Raif­feisen Bank.

Re­sults were above mar­ket ex­pec­ta­tions. An­a­lysts polled by Reuters were fore­cast­ing a loss of 5.3 mil­lion eu­ros on av­er­age.

The bank said it had re­al­ized a to­tal profit of 230 mil­lion euro from the sale, but had set aside more than half that to­tal – 130 mil­lion eu­ros – in a spe­cial re­serve to cover ad­verse de­vel­op­ments in its se­cu­ri­ties port­fo­lio.

“Cap­i­tal­iz­ing on our strate­gic ini­tia­tive in the Pol­ish mar­ket, we man­aged a sub­stan­tial im­prove­ment in our cap­i­tal ad­e­quacy ra­tios and cre­ated a col­lec­tive re­serve to cover fu­ture prospec­tive risks, while at the same time we man­aged to record a profit of 74 mil­lion eu­ros,” Ni­cholas Nanopou­los, Eurobank’s chief ex­ec­u­tive of­fi­cer, said.

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