Operating income increases 19% to €208 million
- Operating income increases 19% to €208 million
- Net profit at €46 million
- Total capital ratio at 13.1 %
- Stress test results confirm strong financial position
- No sovereign risk exposure to Greece nor to other PIIGS countries
Credit Europe Bank’s customer loan portfolio continued increasing - though in more moderate pace than the previous year - to €5.93 billion at the end of June 2011. The bank’s net operating income increased 19%, from €175 million in the first six months of 2010 to €208 million in the same period of 2011. Due to investments in its distribution networks in Russia and Turkey, the net profit amounted to €46 million compared to a net profit of €49 million in the first six months of 2010.
Mr. Murat Basbay, CEO of Credit Europe Bank NV: ”We are satisfied with the result over the first half year of 2011 given the economic slowdown in the Eurozone. We diligently manage our risk by maintaining a high level of liquidity while avoiding sovereign risk exposure to Portugal, Ireland, Italy, Greece and Spain. Our strategy is to focus on growth in trade finance and retail banking operations. In Russia we have opened 15 new branches so far this year and in Turkey 2. The integration of the newly acquired bank in Turkey -rebranded as Fibabanka - is well underway and we managed to return the bank to profit already in the first quarter of 2011.”
Credit Europe Bank. A reliable bank working for you.
More than three million people around the world entrust their financial affairs to Credit Europe Bank. The bank offers pure retail banking and SME products as well as private banking through more than 200 branches and over 11,000 sales points across nine European countries. It also offers trade finance, and corporate banking services through its network in these countries, as well as in China and the United Arab Emirates.
For more information and the full press release in English, please visit www.crediteuropebank.com