Eurobank EFG sees net income fall 45 percent in 2009

Newsroom 15/03/2010 | 10:50

Eurobank EFG posted a net income of EUR 362 million in 2009, a decrease of 45 percent on 2008. Its CAD ratio strengthened by 2.3 percent to 12.7 percent. Net interest income receded slightly by 1.8 percent year on year and amounted to EUR 2.3 billion in 2009, a result of increased funding costs.

Net interest income grew steadily after Q1 2009 and returned to the second historic high level of EUR 608 million in Q4. Net interest income from “New Europe” business (post-Communist countries in Central and Eastern Europe) equaled EUR 781 million in 2009 and contributed 33 percent to the group’s net interest income.

In total, group fee and commission income stood at EUR 496 million in 2009, against EUR 618 million in 2008, as commission from banking activities amounted to EUR 418 million and fees from other activities reached EUR 78 million. In “New Europe,” total fees stood at EUR 168 million and accounted for 34 percent of the group’s total fee and commission income.