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Lee Enterprises, Incorporated Message Board

franciscopardo378 1 post  |  Last Activity: May 29, 2014 6:18 AM Member since: Apr 16, 2012
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  • franciscopardo378 by franciscopardo378 May 29, 2014 6:18 AM Flag

    National Bank remains profitable for sixth successive quarter in Q1‏

    ANA-MPA -- National Bank Group on Wednesday said it remained on a profitable course for the sixth successive quarter, with net profits totaling 181 million euros in the January-March period, up from 27 million euros in the corresponding period in 2013.

    The bank attributed this achievement to a continuing increase of net interest revenues in Greece, actions to cut back on spending and a slowdown in creation of new bad debt.

    Finansbank contributed to National Bank’s profits, with earnings of 63 million euros in the first three months of the year despite adverse conditions prevailing in the Turkish market, while subsidiaries in Southeastern Europe contributed with profits of 14 million euros.

    National Bank said new bad loans fell by 38 pct to 380 million euros in the first quarter, compared with the same period last year, while provisions fell by 15 pct to 362 million euros. The bank said the level of covering bad debt provisions was 56 pct, the highest in the market, while the non-performing loans rate rose to 23 pct at the end of March from 22.5 pct at the end of December 2013.

    Deposits grew at an annual rate of 15 pct to 45.9 billion euros, for an increase of 5.0 pct in the first quarter. Time deposits grew 17 pct, option deposits rose 11 pct and savings deposits rose 2.0 pct.

    The bank’s loan portfolio totaled 46 billion euros, up 4.0 pct on an annual basis, reflecting a 9.0 pct increase in loans to large enterprises. The loan/deposit rate fell to 84 pct in March from 96 pct a year earlier. Borrowing from the Eurosystem fell by 6.2 billion euros in the first quarter of 2014.

    Alexandros Tourkolias, chief executive of the bank, commenting on the results, said that a successful share capital increase plan in May was a landmark in the bank’s efforts to be included among the most robust financial institutions in Europe.

    Sentiment: Strong Buy

LEE
3.90-0.06(-1.52%)Aug 20 4:02 PMEDT

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