Financial News: Piraeus Bank group reports lower 2010 results

Piraeus Bank group on Thursday said pre-tax profits totaled 11 million euros last year, while net profits distributed to shareholders totaled 4.0 million euros in 2010, from 236 million euros in 2009.

The Group said an extra tax charge of 24 million euros pushed results distributed to shareholders to a loss of 20 million euros from profits of 202 million euros in 2009.

Pre-provision and financial results earnings rose 2.0 pct to 611 million euros in 2010 from 600 million euros in 2009.
Assets rose 6.0 pct to 57.7 billion euros, loans after provisions totaled 37.6 billion euros, unchanged from 2009, saving deposits fell 2.0 pct to 30 billion euros, while the bank’s loans/saving rate was unchanged at 107 pct. Loans in delay more than 90 days totaled 7.6 pct.

Assets in markets outside Greece accounted for 21 pct of group assets, with international activities accounting for 48 pct of pre-provision earnings, 37 pct of net interest revenue, 59 pct of branch network and 52 pct of human resources.

Pre-tax and provisions earnings from international activities totaled 294 million euros and pre-tax earnings fell 39 pct to 52 million euros.
Commenting on the results, Mihalis Sallas, the bank’s chairman, said “improvement of the terms and lending mechanism for Greece by the European Union significantly facilitates the implementation of a stabilization and economic restructuring program. In this effort. The Greek banking system is contributing in a realistic and responsible way. It restructures its assets, supporting efforts made by healthy enterprises and boosting its capital base despite existing limitations in liquidity.”

Stavros Lekkakos, chief executive of the bank said the bank resisted pressures from an economic recession, supported by strong net interest revenue.

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