Marfin 9M06 profits surge 249%

Marfin Financial Group announced 9M 06 consolidated Net Profit after Tax attributable to shareholders of EUR83.2m, an increase of 249% yoy.

These profits correspond to earnings per share of EUR 1.626 for 9M 06 vs. EPS of EUR 1.60 guidance for the full fiscal year 2006.  The contribution of Egnatia and Laiki Cyprus Bank in 9M 06 net profit amounted to EUR 4.7m and EUR 5.4m respectively.

Despite the gradual consolidation, the recent acquisitions are already having a positive impact and improvements across all business lines. Return on Equity (ROE) on a nine-month basis stood at 16.4% vs. 14.7% for the same period in 2005. The operating income increased significantly from EUR 54.5 million in 9M 2005 to EUR 204.1m, an increase of 274%. Net interest and commission income represented 62% of total operating income in 9M 06, while in 9M 05 it represented 40%. Net interest margin increased from 1,30% in 9M 05 to 2.43% in 9M 06.

Group loans reached EUR 3,456m, an increase of 605% over the same period 2005, while total deposits posted a robust increase of 430% to EUR 3,952m. 

Andreas Vgenopoulos, Vice Chairman and CEO of Marfin F.G. made the following comment on the 9M 06 results:

“The impressive financial results during the first nine months of 2006 reflect the high quality and the hard work of our Group’s human resources.  Our efforts up to now justify the trust of our shareholders, which is one of our most valuable assets.”