PROTON ΤΡΑΠΕΖΑ Α.Ε.
2008 Financial Results
PROTON Bank Group net result for FY 2008 recorded a loss of euro61.8 mil., versus a euro20.8 profit in 2007. Group results have been adversely affected by the exceptional conditions prevailing in international markets, leading to a negative trading portfolio result, by the valuation of discontinued operations (Proton Insurance), by the result of the impairment test of goodwill from the acquisition of Omega Bank and its Group companies, as well as by considerably increased provisions.
Total loans at the end of 2008 amounted to euro1,182 mil., versus euro1,368 mil. at end-2007, corresponding to a 13.6% decline. Total customer deposits reached euro918 mil. at end-2008, versus euro1,450 mil. at end- 2007, recording a 36.7% decline.
Net interest income reached euro42.6 mil. during 2008, versus euro43.3 mil. the previous year, recording a marginal decline of 1.6%, due to the money market conjuncture and the increase in the cost of funding.
Net fee and commission income reached euro31.5 mil., versus euro35.6 mil. the previous year, recording an 11.5% decline, as a result of decelerating investment banking activities, notwithstanding the increase in commercial banking related fee and commission income.
The negative course of capital markets impacted heavily on the result of the Bank's trading portfolio as it recorded a euro 35.7 mil. loss, versus a euro 13.9 mil. profit in 2007.
Total operating expenses were contained at euro56.4 mil., as compared to euro57.2 mil. the previous year, corresponding to a 1.4% decline.
Provisions reached euro31.2 mil., as compared to euro7 mil. the previous year, recording a 347.1% increase. Athens, March 9th, 2009
Group results were further burdened by euro11 mil. charge, due to the valuation of the discontinued operation, as a result of the new agreement to transfer 92.71% of PROTON INSURANCE S.A. to ASPIS HOLDINGS.
PROTON Group profits before provisions and financial results from trading portfolios reached euro20 mil., as compared to euro23 mil. in 2007, corresponding to a 12.7% decline.
Group total equity reached euro268 mil., whereas the Capital Adequacy Ratio reached 9.3%, consisting only of Core Tier I capital.
Total loans at the end of 2008 amounted to euro1,182 mil., versus euro1,368 mil. at end-2007, corresponding to a 13.6% decline. Total customer deposits reached euro918 mil. at end-2008, versus euro1,450 mil. at end- 2007, recording a 36.7% decline.
Net interest income reached euro42.6 mil. during 2008, versus euro43.3 mil. the previous year, recording a marginal decline of 1.6%, due to the money market conjuncture and the increase in the cost of funding.
Net fee and commission income reached euro31.5 mil., versus euro35.6 mil. the previous year, recording an 11.5% decline, as a result of decelerating investment banking activities, notwithstanding the increase in commercial banking related fee and commission income.
The negative course of capital markets impacted heavily on the result of the Bank's trading portfolio as it recorded a euro 35.7 mil. loss, versus a euro 13.9 mil. profit in 2007.
Total operating expenses were contained at euro56.4 mil., as compared to euro57.2 mil. the previous year, corresponding to a 1.4% decline.
Provisions reached euro31.2 mil., as compared to euro7 mil. the previous year, recording a 347.1% increase. Athens, March 9th, 2009
Group results were further burdened by euro11 mil. charge, due to the valuation of the discontinued operation, as a result of the new agreement to transfer 92.71% of PROTON INSURANCE S.A. to ASPIS HOLDINGS.
PROTON Group profits before provisions and financial results from trading portfolios reached euro20 mil., as compared to euro23 mil. in 2007, corresponding to a 12.7% decline.
Group total equity reached euro268 mil., whereas the Capital Adequacy Ratio reached 9.3%, consisting only of Core Tier I capital.