ECONOMY

Eurobank suffers from net interest income fall

eurobank-suffers-from-net-interest-income-fall

Eurobank, Greece’s third-largest by assets, on Thursday reported a 43 percent drop in net profit from continued operations compared to the same period a year earlier, hurt by a decline in net interest income.

Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 20 million euros, down from a profit of 35 million euros in the first quarter of 2018.

Credit loss provisions fell 1.5 percent year-on-year to 165 million euros.

Nonperforming exposures (NPEs) dropped to 36.7 percent of its loan book from 37 percent at the end of December.

The company said cleaning up its balance sheet remained its top priority.

It said it has received binding offers for a 2-billion-euro securitization of sour residential mortgages and nonbinding offers for a multi-asset securitization of about 7.5 billion euros.

[Reuters]