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Marfin Popular Bank reports improved 9-month results

Δημοσίευση 26 Νοεμβρίου 2010, 10:10 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Marfin Popular Bank reports improved  9-month results
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Marfin Popular Bank Group on Thursday announced that net profits more than tripled in the third quarter of 2010 to 30.1 million euros, compared with the second quarter, while nine-month net profits totaled 90.9 million euros (excluding an extra tax charge of 8.2 million euros).

Marfin Popular Bank Group on Thursday announced that net profits more than tripled in the third quarter of 2010 to 30.1 million euros, compared with the second quarter, while nine-month net profits totaled 90.9 million euros (excluding an extra tax charge of 8.2 million euros).

Interest income totaled 181.9 million euros in the third quarter, up 7.0 pct from the same period last year, reaching the highest quarterly level in the last two years.

Net income from rights and commissions rose 4.0 pct to 51 million euros in the third quarter of 2010, while revenues were up 4.0 pct to 256.7 million euros.

The loan to deposit rate was unchanged at 105 pct, while the capital adequacy ratio rose to 11.8 pct in the third quarter of 2010, reflecting strong profitability and improvement in assets. A forthcoming share capital increase plan, along with a convertible bond issue, is expected to boost its pro forma capital adequacy ratio to 16 pct.

Net interest margin rose to 1.84 pct in the nine-month period from January to October, from 1.68 pct in the same period last year, while organic income from banking operations rose 11 pct to 690.3 million euros. Financial and other income shrank to 85.6 million euros this year, from 181.5 million euros in 2009, although figures improved in the third quarter of the year.

Assets totaled 42.7 billion euros, 6.0 pct up from 2009. Loans rose 8.0 pct, while deposits grew 1.4 pct.