Marfin Popular net falls on poor markets

 — Loans grow in Russia, Serbia, Ukraine and Cyprus –

Cyprus-based lender Marfin Popular's net profit fell almost 50% last year as weak fixed income and equity markets weighed on income.
The bank said net profit attributable to shareholders fell 49.9% to 87.1 mln euros. Adjusted for a one-off tax charge in Greece, where it also operates, the figure was 45.2% lower at 95.3 mln euros.
Although net interest income was 11.6% higher, the bank reported a 12% drop in net fee and commission income, while financial income dropped 51%.
It reflected a difficult year for fixed income markets and low activity in equity capital markets and commercial banking, the group said.
Marfin, which operates primarily in Cyprus and Greece, has in recent years expanded into south-east Europe and Russia.
Its group gross loan portfolio rose 6 percent, driven by growth in Cyprus, international operations and Serbia, Russia and Ukraine. The Greek loan book expanded "marginally", Marfin said.
Deposits rose 7% from deposit gathering in business banking and international operations. Marfin said its board would decide on the dividend policy at its next meeting.