Financial Results for the 1st Half of 2016

Nicosia, 31 August 2016

PRESS RELEASE

Financial Results 1st Half 2016

EUROBANK CYPRUS LTD

Sustainable profitability – After-tax profits at EUR 20.1 million – Strong financial indicators maintained.

During the 1st half of 2016, Eurobank Cyprus Ltd maintained:

  • A satisfactory consistent profitability at EUR 20.1 million after tax.
  • A strong capital position with Capital Adequacy Ratio at 28.6% and Common Equity Tier 1 (CET1) ratio at 25.8%.
  • Significant excess liquidity, with deposits reaching EUR 3,622 million and the Loans-to-Deposits ratio (excluding deposit-secured loans) at 27%.
  • A high-quality lending portfolio, with the Non-Performing Exposures (NPE) ratio (based on the new guidance by the European Banking Authority – EBA) kept at particularly low indicator of 6.8%.
  • Effective operating cost management, with the operating expenses ratio at 29%.

The positive financial results demonstrate that Eurobank Cyprus is on a successful course, thanks, among other things, to its strong financial position, both in terms of its balance sheet and organic sustainable profitability, the quality of its personnel and the proper risk management strategy applied. These attributes have helped the Bank secure its leading position in Private Banking, Large Business Banking, International Corporate Banking and in the Capital Markets sector.

In view of the improvements in the economic climate and in public finances, Eurobank Cyprus maintains its optimistic outlook for Cyprus, as long as the state reform carries on along with the efforts to improve/upgrade the services offered by our country in various sectors, including tourism, shipping and financial services. Eurobank Cyprus will keep on supporting the economy and sustainable initiatives for growth, while also creating new job positions as its operations expand.

 

30.6.2016

6 Months

mil €

31.12.2015

12 Months

mil €

Total Lending

1.932

1.897

Total Deposits

3.622

3.241

Equity and Reserves

428

404

Profit before tax

25.8

50.2

Profit after tax

20.1

39.1