ECONOMY

ATEbank net profits grow by 62 percent in January-June

ATEbank said yesterday first-half group net profits rose 62 percent to -133 million, thanks to capital gains and strong growth in retail credit. It said net profits, on a recurrent basis, excluding capital gains of -18.5 million realized from the sale of shares in its portfolio, rose 36.8 percent. The bank said its return on average equity was 19.54 percent – 17.6 percent based on recurring earnings. Net interest income at the state-controlled bank grew 10.7 percent to -310.6 million. ATEbank’s shift toward higher-spread retail loans saw net interest margins improve to 3.34 percent from 3.15 percent in the first half a year earlier. (Reuters)