Eurobank losses come down in Q3

Kathimerini English - - Focus - YIAN­NIS PAPADOYIANNIS

Eurobank recorded a sig­nif­i­cant im­prove­ment in its fi­nan­cial fig­ures for the first nine months of the year as its third-quar­ter re­sults il­lus­trated yes­ter­day, with bank of­fi­cials stat­ing that they pave the way for the group’s re­turn to prof­its next year.

Op­er­at­ing prof­its be­fore pro­vi­sions in­creased by 8 per­cent year-on-year in the Jan­uary-Septem­ber pe­riod. This, com­bined with the fur­ther con­tain­ment of ex­pen­di­ture by 3.7 per­cent, has helped to limit losses to 187 mil­lion euros.

The bank’s liq­uid­ity also showed a no­table im­prove­ment, as de­posits grew by 772 mil­lion euros in Q3 from the end of the sec­ond quar­ter, while the loans to de­posits ra­tio fell to 99.8 per­cent from 103.4 per­cent at endJune.

Also yes­ter­day, Eurobank, Na­tional Bank and Al­pha share­hold­ers gave the lenders the nod for them to use the de­ferred tax credit op­tion, which could see Greece’s sys­temic banks ex­pand their cap­i­tal by 2.5 bil­lion euros be­tween them.

Pi­raeus Bank did not hold a gen­eral share­hold­ers meet­ing on the is­sue, but its of­fi­cials stated that if the right con­di­tions arise, they will also pro­ceed to this op­tion pro­vided by a re­cently passed law.

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