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National Bank reports lower nine-month results

Δημοσίευση 1 Δεκεμβρίου 2010, 09:20 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
National Bank reports lower  nine-month results
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National Bank of Greece Group on Monday said its nine-month net profits totaled 259 million euros, burdened by extra tax charges, losses suffered from its Greek state securities’ portfolio and increasing bad debt provisions. The Group said it managed to raise its pre-provision and financial results profitability by 6.0 pct, to maintain high cash flow and to boost its capital adequacy ratio to 13.1 pct along with strengthening its balance sheet through higher provisions (991 million euros, up 31 pct from the same period last year).

National Bank of Greece Group on Monday said its nine-month net profits totaled 259 million euros, burdened by extra tax charges, losses suffered from its Greek state securities’ portfolio and increasing bad debt provisions. The Group said it managed to raise its pre-provision and financial results profitability by 6.0 pct, to maintain high cash flow and to boost its capital adequacy ratio to 13.1 pct along with strengthening its balance sheet through higher provisions (991 million euros, up 31 pct from the same period last year).

Net consolidated earnings totaled 113 million euros in the third quarter of 2010, down from 125 million euros in 2009, income rose 4.0 pct reflecting a 7.0 pct increase in net interest result, while net interest margin was unchanged at 4.0 pct.

Operating spending rose 3.0 pct in the January-September period, although they fell 1.0 pct on a quarterly basis.

In Greece, losses totaled 181 million euros reflecting an extra tax charge (93 million euros) and losses totaling 338 million euros from its state bond portfolio. Nine-month results were also affected by higher bad debt provisions (725 million euros from 431 million euros last year), while organic results grew 8.0 pct.

In Turkey, Finansbank’s net earnings totaled 369 million euros in the nine-month period, up 4.0 pct from the same period in 2009, remaining at a record high for the third consecutive quarter. Deposits jumped 3 pct and loans were up 22 pct.

In Southeastern Europe, National Bank Group reported net profits totaling 67 million euros in the January-September period, down 11 pct from last year, while pre-tax and provision profits were up 6.0 pct to 218 million euros.