Piraeus Bank announced a forecast-beating set of results, with 3Q13 core profits coming in 6-13% above analyst and consensus estimates in Greece. Pre-provision profits rose 29% q-o-q, beating consensus and IBG estimates by 27% and 7%, respectively, said Konstantinos Manolopoulos, analyst at the Investment Bank of Greece, who added, however, that “net losses reached EUR
More
EFG Eurobank announced that its 3Q13 net losses before one-offs reached EUR 210.6 mln, down from the previous EUR 243.5 mln losses in 2Q13. After one-offs, losses were shaped at EUR 285.2 mln compared to losses of 330.8 mln in the previous quarter. Eurobank’s results are not directly comparable with previous periods as it consolidated
More
National Bank of Greece announced that 9M13 net profits reached EUR 262 mln or EUR 319 mln excluding one-off write-downs, slightly lower against IBG’s EUR 353.5 mln estimate, but above the consensus EUR 293.5 mln. “Despite the overall improvements in the domestic business, due to a loss making trading line and weaknesses in Turkey (magnified
More
Fitch Ratings has affirmed Greece’s long-term foreign and local currency issuer default ratings (IDR) at ‘B-’ and a ‘stable’ outlook, while it has upgraded the country’s short-term country ceiling rating to ‘B+’ from ‘B’. This follows the two-notch rating upgrade from Moody’s on Friday. Fitch said that “Greece is on course to eliminate longstanding macroeconomic
More
. By Oren Laurent President, Banc De Binary The Euro rose to a five-year high against the yen on Friday, reaching 139.70, its strongest since the aftermath of the collapse of Lehman Brothers and the global financial crisis in 2008. What does this reveal about the status and recovery of the Eurozone? Can we expect
More
. Marcuard's Market update by GaveKal Research The good news is that the Black Friday shopping scrum in the US passed with minimal casualties caused from stampedes, only scattered gunshot incidents and no reported shopper-on-shopper pepper-spray attacks. The bad news for traditional retailers, at least, is that overall sales were down by -2.9% compared to
More
The Cooperative Credit Institutions in Cyprus will operate as a unified banking group, President of the Central Cooperative Bank (CCB) Committee Nicolas Hadjiyiannis has said. Along with the island`s banking system, Cyprus Coops came at the brink of collapse last March when the government agreed with the Troika (European Commission, European Central Bank and the
More
A Central Bank of Cyprus (CBC) directive to credit institutions issued last September on the management of arrears aimed, inter alia, to achieve a fair restructuring of loans to viable borrowers (individuals and businesses) experiencing financial difficulties and who cannot meet their contractual obligations. The CBC clarified on Tuesday that “under this directive banks are
More
The new lending criteria could possibly shock borrowers, President of the Association of Cyprus Banks, Marios Clerides, has said. The introduction of new lending criteria is included in the Memorandum signed with the international lenders -ECB, IMF and European Commission- Clerides said on Tuesday, adding that these criteria will be put in place as soon
More
Cyprus slipped to the 31st position in the Corruption Perceptions Index 2013 published Tuesday by Transparency International. According to the Index Cyprus, received 63 points and ranked 31st among 177 countries. Cyprus was 29th in the 2012 CPI, 30th in 2011, 28th in 2010 and 27th in 2009. Among the 31 European countries that took
More