Marfin Bank reports EUR 4.3 mln net profit, nine months into 2011

Marfin Bank reported a net profit of EUR 4.3 million, nine months into 2011, despite increased provisioning for non-performing loans and high investment costs.

In the first three quarters of this year, the net interest income increased by 13 percent to EUR 16.2 million, while the operating profit gained 25 percent to EUR 11 million, due to higher revenues from commissions and other fees.

The total assets of Marfin Bank reached EUR 682 million, up by 18.6 percent compared to the same period of 2010. In the first three quarters Marfin’s loans volume increased by 22.6 percent, while deposits gained 2.3 percent.

The network of banking units will reach 31 at end-December, as 4 new branches will be opened by the end of this year.

Ovidiu Posirca

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