Despite turbulent time experienced by global financial and banking sectors Eurobank EFG Group achieves healthy growth rates, capital adequacy and sound liquidity.
Eurobank EFG determined main strategies to be up to the present market situation. First of all efficient utilization of capital, liquidity management and deposit gathering, the adoption of a more selective prudent and proactive risk posture, the rationalization of the network expansion in Greece and in New Europe, cost management and control.
The Groups income from trading activities, asset management and brokerage business, recurring profit posted an increase of 17.9% to 560 million, while net profit after tax and minorities grew by 4.6% to 647 million in the period ending September 30, 2008.
Net profit from New Europe region reached 135 million, from 42 million the same period last year, contributing 20.8% to the total group profitability, against 6.6% in the nine months of 2007. Customer Deposits increased by an 42.5% y-o-y.
Deposits in New Europe reached 9.3bn, whereas deposits in Greece were up 31.2% to 36.8 billion. Groups total funds under management increased by 15.1% to 57.4 billion and New Europe grew by 85% to 10.7 billion.
Capital adequacy reached 11%. Group Operating Expenses declined to 4.8%yoy. Total revenues rose to 2.4 billion.
L.D.