Emporiki Bank reports 873.5 mln-euro loss in 2010

Emporiki Bank, a member of Credit Agricole Group, on Friday reported net losses totaling 873.5 million euros in 2010, after net consolidated losses of 576.6 million euros in 2009.

The group said operating earnings, pre-provisions, grew 58.7 pct to 165.5 million euros, the highest percentage increase in the last two year. Net income totaled 768.6 million euros, reflecting a 20 pct increase in net interest revenues.

The bank's loan portfolio was stable at 22.6 billion euros last year, recording a 2.1 pct increase in business loans to 12.8 billion euros.
In the fourth quarter of 2010, net revenues grew 7.8 pct and operating expenses fell 3.3 pct. Provisions fell 24.7 pct compared with the previous quarter for a net loss of 128.6 million euros in the October-December period. Provisions fell to 195.2 million euros for a total of slightly above 1.0 billion euros in the year. Saving deposits totaled 11.6 billion euros, down 22.1 pct from 2009.
Alain Strub, vice-chairman of the board and chief executive of Emporiki Bank, commenting on the results said despite adverse economic conditions the bank will continue supporting Greek households and enterprises by offering loans and a safe banking environment.

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