ΓΕΝΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ Α.Ε.
Press Release
Press Release: Financial results for the 9 months period ended 30 September 2008
Amounts in EUR million
1 July to 1 July to 1 Jan to 1 Jan to
30 Sept 30 Sept Change 30 Sept 30 Sept Change
2007 2008 2007 2008
Operating income 41.3 47.8 15.7% 125.9 146.0 16.0%
Operating expenses -43.5 -41.0 -5.7% -128.2 -124.4 -3.0%
Operating results before provisions -2.2 6.8 -2.3 21.6
Provisions -9.4 -14.0 -28.3 -37.9
Result before income tax -11.6 -7.2 -30.6 -16.3
Net result - Geniki Bank -12.5 -18.4 -31.9 -27.9
Net result - Geniki Group -12.0 -19.5 -32.2 -29.8
December 2007 September 2008 % change
Loans and advances to customers, net 3 294 3 896 18.28%
Operating income for the third quarter of 2008 amounted to EUR 47.8 m, a 15.7% increase over the same quarter of 2007. This increase is attributable to the positive evolution of net interest margin as a product of the combined effect of a 21% increase in interest income and a 31% increase in interest expense, as well as a 22% increase in net commission income.
Operating expenses before provisions amounted to EUR 41.0m for the third quarter of 2008. The 5.7 % decrease in comparison with the same quarter of 2007 is a result of the strict control that the Group is maintaining over its costs. This positive result is the combined effect of the containment of administration expenses and the reduction of staff related costs.
Operating results before provisions for the third quarter 2008 amounted to EUR 6.8m profit in comparison with EUR 2.2m loss for the same quarter in 2007.
Provisions for the third quarter of 2008 have remained at high levels (EUR 14.0 m), confirming the trend reported in our communication for the first quarter of 2008 i.e. that the past trend of provisions reduction is changing to a more or less stable to increasing trend for this year.
As a result of the above the net Group result after taxes for the third quarter of 2008 amounted to EUR 19.5 m (loss) versus EUR 12.0 m (loss) for 2007. It should be noted that the increase in the after tax loss this quarter is due to the substantial reduction in our deferred tax asset position caused by the new reduced tax rates enacted by the Greek Government (one-off effect)
Operating income for nine months of 2008 amounted to EUR 146.0 m, a 16.0% increase over the same period of 2007. Part of the increase in the operating income is attributable to the net gains from sale of the Monastiraki building performed in the first half of the year.
Operating expenses before provisions amounted to EUR 124.4 m for the nine months of 2008. The 3.0 % decrease in comparison with the same period of 2007 is a result of the strict control that the Group is maintaining over its costs.
Operating results before provisions for the nine months 2008 amounted to EUR 21.6 m. The substantial improvement over the same period of 2007 is attributable to the net gains from the property sale, the reduction of the operating expenses and the gradual improvement of net operating income.
Provisions for the nine months of 2008 have remained at high levels (EUR 37.9 m). The trend reported in our communication for the first half of 2008 i.e. that the past trend of provisions reduction is changing to a more or less stable to increasing trend for this year.
As a result of the above the net Group result after taxes for the nine months of 2008 amounted to EUR 29.8 m (loss) versus EUR 32.2 m (loss) for 2007 despite the one-off deferred tax expense due to the reduction of the tax rates enacted by the Greek Government
As at 30 September 2008, total loans and advances amounted to EUR 3.9 billions showing an increase of 18.3% compared to December 2007.
Total customer deposits and repos, amounting to EUR 2.6 billions showing a decrease of 7.0% in comparison with December 2007. The small reduction in deposits and repos volumes is reflecting the intensified competition for deposits in the Greek banking market.
Amounts in EUR million
1 July to 1 July to 1 Jan to 1 Jan to
30 Sept 30 Sept Change 30 Sept 30 Sept Change
2007 2008 2007 2008
Operating income 41.3 47.8 15.7% 125.9 146.0 16.0%
Operating expenses -43.5 -41.0 -5.7% -128.2 -124.4 -3.0%
Operating results before provisions -2.2 6.8 -2.3 21.6
Provisions -9.4 -14.0 -28.3 -37.9
Result before income tax -11.6 -7.2 -30.6 -16.3
Net result - Geniki Bank -12.5 -18.4 -31.9 -27.9
Net result - Geniki Group -12.0 -19.5 -32.2 -29.8
December 2007 September 2008 % change
Loans and advances to customers, net 3 294 3 896 18.28%
Operating income for the third quarter of 2008 amounted to EUR 47.8 m, a 15.7% increase over the same quarter of 2007. This increase is attributable to the positive evolution of net interest margin as a product of the combined effect of a 21% increase in interest income and a 31% increase in interest expense, as well as a 22% increase in net commission income.
Operating expenses before provisions amounted to EUR 41.0m for the third quarter of 2008. The 5.7 % decrease in comparison with the same quarter of 2007 is a result of the strict control that the Group is maintaining over its costs. This positive result is the combined effect of the containment of administration expenses and the reduction of staff related costs.
Operating results before provisions for the third quarter 2008 amounted to EUR 6.8m profit in comparison with EUR 2.2m loss for the same quarter in 2007.
Provisions for the third quarter of 2008 have remained at high levels (EUR 14.0 m), confirming the trend reported in our communication for the first quarter of 2008 i.e. that the past trend of provisions reduction is changing to a more or less stable to increasing trend for this year.
As a result of the above the net Group result after taxes for the third quarter of 2008 amounted to EUR 19.5 m (loss) versus EUR 12.0 m (loss) for 2007. It should be noted that the increase in the after tax loss this quarter is due to the substantial reduction in our deferred tax asset position caused by the new reduced tax rates enacted by the Greek Government (one-off effect)
Operating income for nine months of 2008 amounted to EUR 146.0 m, a 16.0% increase over the same period of 2007. Part of the increase in the operating income is attributable to the net gains from sale of the Monastiraki building performed in the first half of the year.
Operating expenses before provisions amounted to EUR 124.4 m for the nine months of 2008. The 3.0 % decrease in comparison with the same period of 2007 is a result of the strict control that the Group is maintaining over its costs.
Operating results before provisions for the nine months 2008 amounted to EUR 21.6 m. The substantial improvement over the same period of 2007 is attributable to the net gains from the property sale, the reduction of the operating expenses and the gradual improvement of net operating income.
Provisions for the nine months of 2008 have remained at high levels (EUR 37.9 m). The trend reported in our communication for the first half of 2008 i.e. that the past trend of provisions reduction is changing to a more or less stable to increasing trend for this year.
As a result of the above the net Group result after taxes for the nine months of 2008 amounted to EUR 29.8 m (loss) versus EUR 32.2 m (loss) for 2007 despite the one-off deferred tax expense due to the reduction of the tax rates enacted by the Greek Government
As at 30 September 2008, total loans and advances amounted to EUR 3.9 billions showing an increase of 18.3% compared to December 2007.
Total customer deposits and repos, amounting to EUR 2.6 billions showing a decrease of 7.0% in comparison with December 2007. The small reduction in deposits and repos volumes is reflecting the intensified competition for deposits in the Greek banking market.