Athens-based and ATHEX-listed Eurobank on Tuesday announced a H1 2021 net profit of 190 million euros, dramatically improving results from the corresponding period in 2020, when it reported losses of 1.16 billion euros.
The turnaround comes from lower provisions for NPEs and what was reported as higher income from commissions.
The major Greek lender, one of four listed systemic banks in the country, said net earnings adjusted for restructuring costs and other one-off items increased by 10.7 percent to 195 million euros in the first half, up from 176 million euros in H1 2020.
In a statement, Eurobank CEO Fokion Karavias said “profitability is in line with our expectations, the NPE (non-performing exposures) ratio is reaching single-digit, close to 8 percent by year-end.
Meanwhile, Eurobank’s net fee and commission revenues grew 16 percent, yoy, reaching 209 million euros.
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