Greeks EFG Eurobank's first-half profit down 44%

Discussion in 'Stocks' started by ASusilovic, Aug 30, 2010.

  1. Greek bank EFG Eurobank Ergasias on Monday said its first-half net profit fell 44% to 95.1 million euros ($121 million) from 168.6 million euros earned in the year-earlier period. Net interest income rose 1.7% to 1.15 billion euros. In the second quarter net income declined 66% to 34 million euros, the bank said. Analysts, on average, expected net income of 31.9 million euros in the second quarter, according to a survey conducted by Dow Jones Newswires. The bank reiterated its belief that a deficit target of 8.1% in 2010 is achievable since it expects revenue to accelerate in the second half of the year. At the end of the second quarter the bank said that its Tier 1 capital ratio, a measure of financial strength, stood at 10.6%.