ATHENS (Thomson Financial) - Marfin Popular Bank Public Company Ltd said its
first quarter group net profits rose 30 percent quarter on quarter to 104.4
million euros on solid lending volumes.
The bank said group total loans surged 44 percent year on year to 19.7
billion euros driven by solid demand across all geographical areas.
Total group assets recorded a robust increase of 29 percent year on year to
32 billion euros and group deposits rose 28 percent to 21.9 billion euros on the
expanding branch network.
First quarter net interest income adjusted for write backs was up 17 percent
to 172.3 million euros but the net interest income was down to 2.49 percent from
2.82 percent. The bank explained this was due to the depreciation of the US
dollar, a decline in US interest rates, base rate adjustments in Cyprus and
ongoing competition.
Fees and commission income for the quarter was up 18 percent to 74.1 million
euros boosted by the leading investment and brokerage franchise, commercial
banking and strong insurance business.
The group's cost to income ratio was stable at 45.8 percent.
The CEO, Thimios Bouloutas, said: "Marfin Popular Bank Group has continued
its dynamic expansion in the first-quarter of 2008 by delivering on the stated
strategy of robust volume growth, increasing geographical diversification, a
commercial and SME customer focus, and developing the delivery infrastructure."
"All of this has resulted in robust market share gains in our two core
markets, Cyprus and Greece, and positive financial results despite the adverse
global market environment," Bouloutas added.
nick.skrekas@thomsonreuters.com
ns/sal
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