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Eurobank EFG Third Quarter 2011 Financial Results

30 November 2011.

Net operating profit rose to €13m in 3Q2011, from €3m in 2Q2011. 9M2011 net income stood at €89m (-€575m post July21st PSI)

Eurobank EFG Third Quarter 2011 Financial Results
  • Net operating profit rose to €13m in 3Q2011, from €3m in 2Q2011. 9M2011 net income stood at €89m (-€575m post July21st PSI)
  • Profits in South-Eastern Europe more than doubled yoy, reaching €50m in 9M2011
  • Operating expenses declined further by 3.1%qoq and 5.9%yoy
  • Pre provision income grew by 7% in 3Q2011 to €346m
  • Deposits declined by €992m in 3Q2011, negatively affecting liquidity in the system
  • Formation of loans past due over 90 days remained flat at the 2Q2011 levels
  • Following the approvals by General Meetings of Shareholders, the legal merger of Eurobank EFG
    with Alpha Bank is expected to be completed within December


“In today’s crisis situation, securing Greece’s European orientation should become a national strategic priority. It is therefore, imperative to fully commit to the objectives of the Stabilization Program and implement the October 26th resolutions. Given the continued support of our partners, this constitutes the last opportunity to overcome the critical conditions the country is confronted with.

Amid particularly adverse conditions, our Group managed to maintain a strong pre-provision income, at levels sufficient to secure positive bottom line results in the third quarter of 2011. Our operations in Southeast Europe contributed substantially to this positive development. At the same time, we intensified our efforts to further rationalize our cost base and to stabilize the formation of new past due loans. We also continue to stand by our clients to help them weather the crisis, making use of the limited sources of liquidity available.

The recent approval of the merger of Eurobank EFG with Alpha Bank by the shareholders of both banks, paves the way for significant changes in the domestic banking landscape. We are creating a large and dynamic Greek private sector banking group and one of the largest banks in Southeast Europe. Alpha Eurobank, strongly capitalized, with enhanced credibility and efficiency, will offer top quality services to its clients, create long-term value for its shareholders and better prospects for its employees. The new bank, taking advantage of the substantial synergies the merger creates, will further enhance its capabilities and will be better placed to play an even more active role in the recovery of the Greek economy.”
- Nicholas Nanopoulos - CEO

Eurobank EFG 3Q 2011 Results Press Release

3Q 2011 results presentation

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