Marfin Financial Group announced H1 06 Consolidated Net Profit after tax attributable to shareholders of euro 52.7m an increase of 222% yoy. Profits correspond to earnings per share of euro 1.03 for H1 06 v.s. earnings of euro 1.60 per share guidance for the full fiscal year 2006 (corresponding to Net Profit of euro 82m). In the financial results of Q2 06, Egnatia Bank was fully consolidated, while our holding in Popular Bank of Cyprus Ltd was consolidated using the equity method, thus only euro 533,000 was added to Net Profit corresponding to 15 days of profit consolidation. Despite gradual consolidations as above, the recent acquisitions of the group are already having a sizable positive impact in qualitative and quantitative improvements across all business lines. Total revenues of Marfin Financial Group for the H1 06 have reached euro 124.5m posting a 238% increase yoy, while the contribution of the net interest income and total commission income was euro 84.1m representing a share of 68% of total revenues v.s. euro 15.3m or 42% share of total revenues for the H1 05. The contribution of the net interest income and total commission income in the Q2 06 was further increased to euro 57.7m or 77% of total revenues. Net Interest Margin has posted a robust increase to 2.41% in the H1 06 vs 1.64% for Q1 06 and 1.27% for H1 05. NIM was further increased to 2.65% in the Q2 06. This very positive development proves that Marfin Financial Group, through organic and strategic expansion, despite intense competition in the Greek Banking system, is in a process of dynamic expansion in business lines with stable and recurring profitability. Group loans reached euro 3,204 m registering an impressive growth of 890% v.s. same period last year while household lending (consumer and mortgage loans) reached euro 1,103m. Finally, total deposits reached euro 4,047m recording significant growth of 562% v.s. H1 05. Total Customers Funds under management reached euro 6,230m. Mr. Andreas Vgenopoulos, Vice Chairman and CEO of MARFIN F.G., made the following comments on the H1 06 results and the developments of the company's business plan: "The results and financials of MARFIN F.G. during H1 06 reflect the continuing organic growth and the successful strategic expansion of the company. Within September 06 the Group will decide and announce a full and detailed consolidation plan targeting further improvement in its profitability and financials".
Note: On www.marfingroup.gr you can find the investors' release followed by the detailed financial results of the Group.