1Q2014 Financial Results
30 May 2014.
The results for the first quarter 2014 confirm the positive trends in Eurobank’s operating performance.
- Pre-provision income ongoing recovery by 9.0% q-o-q to €194m.
- Operating expenses reduced by 12.7% q-o-q and 11.0% y-o-y on a comparable basis.
- 90dpd formation in Greece down by 11% q-o-q to €599m.
- Accumulated credit loss provisions strengthened to €8.2bn and 90dpd loans coverage ratio increased by 40 basis points to 50.3%.
- Common Equity Tier I ratio (CET1) at 17.7% post the €2.864m share capital increase.
- Exit from ELA, further improvement in the cost of deposits, loans to deposits ratio steadily below 110%.
- Bottom-line result at -€207m versus -€913m in 4Q2013.
“The results for the first quarter 2014 confirm the positive trends in Eurobank’s operating performance. The continuing increase in pre-provision income, the decline of new loans past due and the discontinued usage of ELA funding allow us to be optimistic for the implementation of our strategic plan and further improvement in the next quarters.
Following the successful completion of the share capital increase, our priorities are the effective management of non-performing loans, the increase in pre-provision income and the financing of the real economy in the context of the overall improved economic climate in Greece.”
Christos Megalou – CEO