Marfin Popular Bank announced on Thursday net profits for 2009 amounting to 173.9 million euro, down by 56% compared to 394.6 mln in 2008.
According to the Bank's preliminary financial results for 2009, Q4 net profit attributable to shareholders stood at 30.0 mln euro.
Total operating revenues were 6% lower quarter on quarter in 4Q 2009 at 273.0 mln, while the Group's total operating revenues for 2009 reached 1,074.9 mln euro, almost flat compared to 2008, ''despite adverse market conditions, demonstrating the Group’s resilience.''
The Group’s key geographic regions, MPB’s total gross lending portfolio rose by 7% on an annual basis to 25.9 billion euro, driven by 9% growth in Cyprus, 7% growth in Greece and 4% growth in international operations.
The mortgage book rose by 12% y/y to 4.4 billion euro, comprising 17% of total loan book versus 16% a year earlier. Consumer loans dropped by 1% y/y to 3.9 billion, with their contribution to total loan book declining to 15% from 17% in 2008. MPB’s total retail loan book expanded by 5% to 8.3 billion.
Total Group deposit volumes declined marginally by 4% y/y to 23.9 billion, reflecting the Group’s defensive deposit gathering strategy.
International operations reported 20% growth, reflecting the management’s effort to improve loan-to-deposit ratio in international markets. Therefore loan-to-deposit ratio reached 104% for the Group at December 2009 compared to 94% at December 2008.
Commenting on the financial results for the year 2009, Efthimios Bouloutas, Chief Executive Officer of Marfin Popular Bank Group said ''the Group’s improved core revenue generation for the quarter has been accompanied by well contained cost trends primarily reflecting the impact of a series of initiatives.''
''The resilience of the Group’s operating performance against a backdrop of adverse market conditions should add to its capacity to service and expand its customer base more effectively, thus contributing to the Group’s medium to long term prospects,'' he added.
Marfin's Board of Directors will decide on dividend policy at the next Board meeting.
