Eurobank posts higher 9-month profit as net interest income rises (updated)

Eurobank SA

07/11/2024 16:07

(Adds details in paragraphs 3-5, CEO quote in paragraph 6,
context in paragraphs 7-8)
       Nov 7 (Reuters) - Eurobank  EURBr.AT , Greece's largest
lender by market value, on Thursday reported higher profit for
the first nine months of the year, driven by higher net interest
and net fee and commission incomes.
    Reported net earnings came in at 1.14 billion euros ($1.23
billion) in the January-to-September period, up 15.8% from the
980 million euros it reported last year.  
    Net interest income rose to 1.83 billion euros, up 14.3%
year on year, driven by loans, bonds and international business,
the bank said. 
    Net fee and commission income expanded 11.8% on the year to
451 million euros due to fees from network activities and asset
management, it added. 
     Eurobank's non-performing loan exposure ratio (NPE) fell to
2.9% at the end of September.
    "In the third quarter of the year, the bank produced another
solid set of results, exceeding expectations," Chief Executive
Officer Fokion Karavias said in a statement, adding that the
trend suggests that return on equity will be around 17.5% for
the full year. 
    Greek lenders have stabilised after three recapitalisations
and nationalisations after the country was rocked by financial
meltdown in late 2009.
     In June, the European Central Bank approved the request of
Greece's four largest lenders to resume dividend payments after
16 years, a further sign of the sector's recovery and the
country's economic rebound.
        
  

($1 = 0.9239 euros)

 (Reporting by Antonis Pothitos; Editing by David Evans)
 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))