February 25, 2011, Athens
Group net income at €113 million in 2010 (or €68 million after the one-off tax)
Eurobank EFG demonstrated remarkable resistance, steadiness and flexibility during the past challenging year with total net profit reaching €113m in 2010. Results in Central and Eastern Europe recovered strongly contributing €32m to the total profitability. Despite the increase in the cost of funding and the adverse market conditions, pre-provision income remained at high levels (€1.5bn), as a result of as a result of the containment of operating expenses and the business development of the Group.
The liquidity position of the Group stands at comfortable levels, as customer deposits increased by €850m in 4Q10 and reached €44bon at the end of the year. The loans to deposits ratio improved to 126.6% at the end of 2010. Group loans expanded by 1.8% and amounted to €58.5bn in 2010. Corporate loans grew by 2.2% and mortgages advanced by 11.2%, whereas consumer credit fell by 13.4%, as a result of Group's strategy to shift the portfolio mix towards more secure type of lending.
"Through strategic initiatives, such as the partnership with Raiffeisen Bank International AG in Poland and the merger with Dias Portfolio Investment Company, we managed to strengthen organically our capital and liquidity position, thus demonstrating our flexibility, resourcefulness and ability to operate successfully even under highly adverse market conditions.", said Nicholas Nanopoulos, CEO of Eurobank EFG Group. "Eurobank remains focused on meeting the challenges of the external environment, actively supporting our clients and contributing to the economic development in all countries we operate".