2Q2013 Financial Results
3 September 2013.
- Acquisition of New Hellenic Postbank and New Proton Bank strengthens the strategic position of Eurobank in the domestic banking sector. Liquidity is enhanced by €4bn and the pro-forma loans to deposits ratio improves to 116%, from 136% at the end of June 2013. Annual synergies of €200m in 2015.
- Net interest income recovers and increases by 9% in 2Q2013 versus 1Q2013.
- Operating expenses decrease further to a seven-quarter low and by 8.5% yoy in 1H2013.
- Core pre provision income grows to €120m in 2Q2013, from €93m in 1Q2013.
- Formation of 90dpd loans in Greece declines by 29% versus 1Q2013. Bad debt provisions remain flat qoq.
- 1H2013 net profit at €45m including the deferred tax gain. Operating result -€244m in 2Q2013.
“The economic environment remains demanding. As such, results of the second quarter reflect the particular current economic situation.
By acquiring New Hellenic Post Bank and New Proton Bank, Eurobank has strengthened its strategic position within the Greek banking system. At the same time, it has widened significantly its customer base and improved its liquidity.
Integrating these two banks and capturing the considerable synergies that will ensue constitute a top priority. At the same time, we are examining ways to redesign the Bank’s business and operational model; by highlighting, inter alia, its customer-centered approach, the aim will be to further increase liquidity, improve efficiency and ensure return to profitability. The objective is to attract private sector capital.”
Christos Megalou - CEO