FINANCE: Eurobank generates EUR 24.2 mln post-tax profit in H1 2019

Cyprus-based Eurobank posted improved net profits in H1 2019 of EUR 24.2 mln slightly up from EUR 24.1 mln in the same six-month period last year.

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According to a statement issued by the bank on Tuesday, Eurobank said it has a strong capital position, with its Capital Adequacy Ratio and the CET1 both standing at 23.1% from 26.4%.

The bank said it has “strong surplus liquidity,” with deposits reaching EUR 5.2 bln and a loan-to-deposit ratio (excluding secured loans) of 31%, while the NPE ratio, as directed by the European Banking Authority (EBA), remained low at just 4.5%.

It also boasts "effective cost management, with a cost-to-income ratio of 33% rising from 30%".

"The Bank's strong financial position, as evidenced by successive positive results, has consolidated the institution’s leading presence in Cyprus in the areas of Wealth Management, Corporate and Investment Banking, International Business Banking, and Capital Markets,” said Eurobank.

"The repeated positive results show that Eurobank Cyprus is steadily continuing on its growth path, based on its customer-centric model of operation and rational risk management.”

Eurobank said it continues to support the Cyprus economy and sustainable development initiatives while looking to create new job openings as it expands operations.