Eurobank reports declining profits in H1

by Richard Kilner

Story link: Eurobank reports declining profits in H1

Eurobank EFG has released its financial results for the first half of 2010, including a 44% slump in net income to €95m.

In the second quarter net income was recorded at €34m, approximately half that of the €61m net income achieved in Q1.

However, the picture was mixed, with Central and Southeastern Europe emerging from the red of a year ago to record a profit of €12m.

Pre-provision income increased by 6.5% to €800m and operating expenses fell by 3%.

Chief Executive Officer Nicholas Nanopoulos explained that the Greek sovereign debt crisis and the austerity measures taken to try and combat the problem presented a difficult operating environment for the Greek banking sector.

Nanopoulos went on to say that despite this challenging backdrop the firm had managed to show its resilience, and retain profitability.