Financial Results for January – September 2016

Nicosia, 24 November 2016

PRESS RELEASE

Financial Results January – September 2016

EUROBANK CYPRUS LTD

Continued profitability- After-tax profits at EUR 28.9 million – strong financial indicators maintained.

During the first nine months of 2016, Eurobank Cyprus Ltd maintained:

  • A satisfactory repeated profitability, amounting to EUR 28.9 million after tax.
  • A strong capital position, with Capital Adequacy Ratio at 29.1% and the Common Equity Tier 1 (CET1) ratio at 27.0%.
  • Significant excess liquidity, with deposits reaching 3,658 million euros and the Loan-to-Deposit ratio (excluding deposit-secured loans) at 24%.
  • 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 the particularly low figure of 7%.
  • Effective operating cost management, with the operating expense ratio at 30%.

Continued progress made by Eurobank Cyprus is a testament to the strong foundations on which the Bank operates and to its establishment as a key financial institution in Cyprus in Private Banking, Large Business Banking, International Corporate Banking and in the Capital Markets sector. The factors contributing to the Bank’s success include making the right strategic choices and maintaining a strong financial position, both in terms of its balance sheet and in terms of its organic repeated profitability. Additionally, the quality of its personnel, the commitment to excellent customer service and proper risk management has helped the Bank secure its leading position in Cyprus.

We feel that, during this year that will soon be over, the foundations for an optimistic outlook have been laid down in the economy. However, a number of challenges, such as the volume of non-performing loans and the apparent delay in certain reforms in the Public sector, still lie ahead. It is therefore important to remain focused on the required changes that are still pending, so that the image and competitiveness of our economy can be improved. Eurobank Cyprus will remain consistent in supporting the economy and the sustainable initiatives for growth, while also creating new job positions as its operations expand.

 

30.09.2016

9 Months

mil €

31.12.2015

12 Months

mil €

Total Lending

1.832

1.897

Total Deposits

3.658

3.241

Funds and Reserves

440

404

Pre-tax profits

37.5

50.2

After-tax profits

28.9

39.1