{"id":12161,"date":"2024-05-17T13:01:16","date_gmt":"2024-05-17T10:01:16","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=12161"},"modified":"2024-05-17T13:01:16","modified_gmt":"2024-05-17T10:01:16","slug":"eurobank-group-reports-robust-first-quarter-results","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=12161","title":{"rendered":"Eurobank Group reports robust first quarter results"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/eurobank-group-reports-robust-first-quarter-results.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>Eurobank Holdings<\/strong> this week released its financial results for the<strong> first quarter of 2024,<\/strong> showcasing significant <strong>growth and robust performance<\/strong> across various metrics, including in its operations in Cyprus.<br \/>\n\u201cOur<strong> performance in the first quarter is a great start for the year<\/strong> and makes us confident that our 2024 plan<br \/>we\u2019ll be delivered, with a return on tangible book value of 15 per cent,\u201d CEO Fokion Karavias said.<br \/>\n\u201cIn addition to the strong operating performance, it is important to highlight that all our strategic initiatives, including <strong>Hellenic Bank in Cyprus<\/strong>, are on track,\u201d he added.<br \/>\nThe bank reported earnings per share (EPS) of \u20ac0.08 and a return on tangible book value (ROTBV) of 19.9 per cent.<br \/>\nThe tangible book value (TBV) per share saw a notable increase of 20.2 per cent year-on-year, reaching \u20ac2.14.<br \/>\nThe <strong>adjusted net profit for the quarter was \u20ac383 million<\/strong>, while the reported<strong> net profit stood at \u20ac287 million.<\/strong><br \/>\nThe difference is attributed to the cost of the Voluntary Exit Scheme (VES) in Greece, concluded in February. Organic growth of performing loans amounted to \u20ac0.4 billion.<br \/>\nEurobank\u2019s capital adequacy remained robust, with the total capital adequacy ratio (CAD) rising to 20.2 per cent and the common equity tier 1 (CET1) ratio increasing to 17.2 per cent.<br \/>\nIn terms of dividend distribution, Karavias said that \u201cwe have submitted the official application to the SSM\u201d.<br \/>\n\u201cThe<strong> proposed payout ratio is 30 per cent,<\/strong> which corresponds to a dividend higher than 9 cents per share. The supervisory clearance is expected in June,\u201d he explained.<br \/>\n\u201cDividend distribution should take place right after the AGM approval in late July,\u201d he added.<br \/>\nThe non-performing exposures (NPE) ratio improved to 3.0 per cent, down from 5.1 per cent in the same period last year, with provisions over NPEs improving significantly to 92.6 per cent.<br \/>\nNet interest income rose by 13.7 per cent compared to the first quarter of 2023, totalling \u20ac571 million. This growth was driven by performance in loans, bonds, and international business, resulting in a net interest margin increase of 34 basis points to 2.87 per cent.<br \/>\nNet fee and commission income also saw an expansion of 4.9 per cent year-on-year, reaching \u20ac136 million, primarily due to fees from network activities and asset management.<br \/>\n\u201cEurobank\u2019s quarterly performance remained solid. With a 20 per cent return, the tangible book value increased to 2.14 euros per share. Regional activities continued their significant contribution, with a net profit of 145 million euros, an increase of more than 80 per cent year-on-year,\u201d the CEO stated.<br \/>\nA particularly positive signal came from loan growth with performing loans showing an increase of 0.4 billion euro.<strong> First-quarter performance confirms that credit growth in 2024 will be stronger<\/strong> than last year, especially in Greece,\u201d he added.<br \/>\nCore income grew by 11.9 per cent year-on-year to \u20ac707 million, while total operating income surged by 21.8 per cent to \u20ac755 million.<br \/>\nOperating expenses decreased by 2.1 per cent in Greece but increased by 3.3 per cent at the group level to \u20ac229 million, due to operations in Southeastern Europe (SEE).<br \/>\nExcluding the impact of BNP Bulgaria, operating expenses remained stable. The cost-to-core income ratio and the cost-to-total income ratio improved to 32.4 per cent and 30.3 per cent, respectively.<br \/>\nCore pre-provision income rose by 16.5 per cent year-on-year to \u20ac478 million, and pre-provision income increased by 32.0 per cent to \u20ac526 million.<br \/>\nLoan loss provisions decreased by 5.5 per cent year-on-year to \u20ac71 million, corresponding to 68 basis points of average net loans.<br \/>\nConsequently, core operating profit before tax rose by 21.4 per cent year-on-year to \u20ac407 million.<br \/>\nSEE operations significantly contributed to the group\u2019s profitability, with adjusted net profit from these operations increasing to \u20ac145 million, up from \u20ac79 million in the first quarter of 2023. This represented 37.7 per cent of the group\u2019s total profitability.<br \/>\nCore pre-provision income in SEE grew by 34.4 per cent to \u20ac143 million, with core operating profit before tax rising by 34.2 per cent to \u20ac128 million.<br \/>\n<strong>Financial performance in Cyprus and Bulgaria improved substantially, with adjusted net profits reaching \u20ac92 million and \u20ac48 million, respectively.<\/strong><br \/>\nPerforming loans grew organically by \u20ac0.4 billion in the first quarter, with total gross loans amounting to \u20ac42.7 billion, including senior and mezzanine notes of \u20ac4.3 billion.<br \/>\nCorporate loans stood at \u20ac25.1 billion, mortgages at \u20ac9.7 billion, and consumer loans at \u20ac3.5 billion.<br \/>\nCustomer deposits declined by \u20ac0.1 billion to \u20ac57.3 billion. Savings and sight deposits accounted for 64 per cent of the total, while time deposits made up 36 per cent.<br \/>\nThe loans-to-deposits ratio was 72.5 per cent, and the liquidity coverage ratio was 179.0 per cent. Eurosystem funding was reduced by \u20ac5.3 billion year-on-year to \u20ac3.0 billion at the end of March 2024.<br \/>\n\u201cThe<strong> macroeconomic backdrop remains positive in our three core markets and especially in Greece<\/strong>, which had its sovereign outlook upgraded by S&amp;P and continues to be a top growth performer in the eurozone,\u201d Karavias said.<br \/>\n\u201cIn this economic environment,<strong> Eurobank is best placed to keep growing<\/strong>, converting business growth to robust financial results, rewarding shareholders and contributing to the economy and society,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eurobank Holdings released its financial results for the first quarter of 2024, showing significant growth and robust performance. Adjusted net profits in Cyprus and Bulgaria improved substantially, with Cyprus reaching \u20ac92 million.<\/p>\n","protected":false},"author":3,"featured_media":12162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[6557,4791,1902,8591,186,8726,8099,3,10263,612,2933,641,26,203,599,201,7689,1312,3644,2515,2544,9946,1876,8903,304,250,3330,747,3767,8113,7905,2294,1823,899,6263,187,5894,8033,900,4074,5527,6653,7776,34,8328,3331,4356,10330,3138,2528,2247,5216,10271,9496,8183,1065,5125,618,380],"class_list":["post-12161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-application","tag-approval","tag-bank","tag-book","tag-business","tag-ceo","tag-credit","tag-cyprus","tag-cyprus-mail","tag-deposits","tag-dividend","tag-earnings","tag-economy","tag-environment","tag-euro","tag-europe","tag-eurozone","tag-expansion","tag-expenses","tag-february","tag-fees","tag-financial-performance","tag-financial-results","tag-follow","tag-funding","tag-google","tag-google-news","tag-greece","tag-growth","tag-hellenic-bank","tag-impact","tag-income","tag-increase","tag-interest","tag-interest-income","tag-international","tag-international-business","tag-liquidity","tag-loan","tag-loans","tag-loss","tag-management","tag-march","tag-markets","tag-net-interest-income","tag-news","tag-operating-profit","tag-operations","tag-performance","tag-performing-loans","tag-profit","tag-profitability","tag-profits","tag-quarterly","tag-released","tag-tax","tag-time-deposits","tag-top","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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