Marfin Popular Q1 profits higher at €71 mln

Marfin Popular Bank recorded 71 mln euros in first-quarter net profitl, lifted by the disposal of its Australian unit.
The second biggest lender in Cyprus said net profit adjusted for one-off capital gains and an exceptional tax charge stood at 20.6 mln euros. The figure was almost five times higher than in the fourth quarter, but 51% lower than in the same quarter a year earlier due to lower financial income, it said.
Pretax profit was 63.1% higher on a year earlier at 81.7 mln euros.
Marfin disposed of its Australian division earlier this year for a gain of 53.4 mln euros. It also paid 3 mln euros in a special deposit tax recently introduced by the Cypriot government for a two-year period.
It reported a 13% yearly decline in fee and commission income to 46.4 mln euros, citing low activity in both capital markets and commercial banking.
The bank said its net interest income was 3% higher year on year at 181.5 mln euros.