CEO Karavias says, Eurobank focused on financing the economy

Eurobank is currently well positioned to finance the Greek economy and help its clients exploit opportunities that will emerge as growth rates in Greece accelerate, Eurobank CEO Fokion Karavias said in a comment on the bank’s first quarter results. The bank released a summary of its first-quarter results on Wednesday.

“Eurobank’s first quarter 2018 results were fully in line with our business priorities for the year. The bank remained profitable with net profit up at 57 million euros and core pre-provision income stable at 200 million. Profitability of our international subsidiaries remained solid with an increase of 22 pct year-on-year, as cost of risk is declining in all countries of the region where we are present. Our capital base, which proved resilient in the recent ECB stress test, ended the quarter at a CET1 ratio of 15.1 pct, while the Total Capital Adequacy ratio stood at 17.8 pct, among the highest in the sector,” Eurobank’s CEO said in an announcement.

“Managing our stock of non-performing exposures remains our prime target. New NPE formation was again negative by more than 200 million euros in Q1, with the NPE ratio moving lower, while the ratio of provisions over NPEs improved. Building on these results and making full use of the legislative framework in place, along with the forthcoming amendments in Law 3869/2010, we are convinced that we will achieve all related 2018 NPE reduction targets.

“In the field of liquidity, the first three months of 2018 proved exceptional as ELA dependence was more than halved to less than 4 billion euros. Deposits were up while on the lending side, the trend of growth in business lending we saw in 2017 was re-affirmed in the first quarter 2018. Despite an external environment which is becoming quite challenging, as Greece approaches the end of the fiscal consolidation programs, Eurobank is well-positioned to finance the economy and support its clients, mainly the dynamic business community, to make the most of the opportunities that will arise as growth rates pick up,” Fokion Karavias said.

Source ANA-MPA
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