Credit Europe Bank N.V. Reports Strong Results for First Three Quarters 2008

28.11.2008

Credit Europe Bank N.V. announces a strong financial performance for the first nine months of 2008 ending on September 30th 2008. 

Credit Europe Bank experienced a 33% growth in asset size compared to year end 2007: as of September 30, 2008 the balance sheet size of the Bank increased to € 9.97 billion at a consolidated level (December 31, 2007: € 7.48 billion*). As per 30th of September 2008 pre-tax profit grew 35% to € 114 million (December 31, 2007: € 84.5 million) and net profit was up to 44% to € 86 million (December 31, 2007: € 60 million). In parallel to these developments, Credit Europe Bank further strengthened its capital base, increasing it 22% from € 757 million in 2007 to € 924 million.

The Retail Banking Division of Credit Europe Bank in Western Europe, in particular, showed a strong performance. The Bank’s deposit base increased from € 4.65 billion as at the end of 2007 up to € 6.80 billion, representing a 46% growth.

“We are operating in an economic environment that is more challenging and volatile than we have ever seen before. Despite the turmoil witnessed in The Netherlands and across the world – also in the last quarter of the year, the fundamentals of the earning sources of the bank look robust, and the bank continued its precipitous growth trend. Our continued sales strength is attributable to our business model and strong risk management which certainly help us to overcome this challenging economic cycle without serious setbacks.
Also the last quarter of 2008 looks healthy and we are confident that we will deliver a positive result for 2008,” says T.C. Beriker, CEO of the bank.

* Figure inclusive Credit Europe Bank (Romania) SA and Credit Europe Bank (Suisse) SA

Key Figures (EUR million)

(*unaudited)

Background Credit Europe Bank N.V.
Credit Europe Bank N.V. was founded in 1994 in the Netherlands. With its headquarters in Amsterdam, Credit Europe Bank has direct branches in Belgium, Germany, and Malta; subsidiaries in Switzerland, Russia, Romania, Ukraine and Dubai, and representative offices in China (Shanghai) and Turkey (Istanbul).
Credit Europe Bank which has a general banking license and is supervised by De Nederlandsche Bank N.V. (the Dutch Central Bank), is focusing on international lending (trade finance). In 1997, retail banking was launched. Today, Credit Europe Bank is a leading provider of direct services to consumers. It has a large customer base for call money, time deposits and consumer loans in a number of markets. Credit Europe Bank employs more than 8,000 professionals across Europe.
Find more information on www.crediteurope.com.mt  or phone freephone 8007 3232 or email info@crediteurope.com.mt

Contact:
Credit Europe Bank N.V.     
Joke Hergert, Public Relations
Joke.Hergert@crediteurope.de
Tel. +49 69 256 260 807

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