Marfin Popular Bank says net profits up 11% in H1

[Angelo]

Marfin Popular Bank says net profits up 11% in H1

Marfin Popular Bank on Thursday reported an 11-pct increase in its consolidated net profits to 220.4 million euros in the second quarter of the year, compared with the first quarter, and a 7.0-pct rise compared with the corresponding period last year.

The Group reported significant improvement in Greece and abroad, along with positive financial results despite a negative economic environment. Group assets surpassed 35 billion euros, up 22 pct from last year, ranking fifth among Greek banks.

Loans grew by 40 percent in the first half and saving deposits were up 19 pct, reflecting an expanding branch network and higher customer base figures. International loans totaled 2.7 billion euros, or 13 pct of total loans, while the group's loans to deposits rate was 89 percent.

Group revenues rose 9.0 pct to 587.7 million euros, while net interest income totaled 359.3 million euros, up 8.0 pct from last year. Return on equity was 1.35 percent in the first half.

Commenting on the results, Efthymios Bouloutas, the bank's chief executive, said the results showed a significant improvement of operating profitability and said he expected similar trends to prevail during the next two quarters of the year