Eurobank EFG Group financial results in 2009
“New Europe” remains a major strategic objective for Eurobank EFG
24. March 2010. | 07:42
In 2009 the Eurobank EFG Group displayed remarkable adaptability and flexibility, further strengthening its capital base and liquidity, reducing substantially its expenses and expanding its pre provision earnings.
2009 was a particularly challenging year for the global economy and the international financial system, as well as for Greece, due to the rapid deterioration of the country’s public finances.
In such an adverse environment, the Eurobank EFG Group displayed remarkable adaptability and flexibility, further strengthening its capital base and liquidity, reducing substantially its expenses and expanding its pre provision earnings.
In order to safeguard the quality of its balance sheet, Eurobank EFG increased its provisions, while at the same time it achieved a noteworthy deceleration in the formation of nonperforming loans in the second half of 2009.
In addition, we continued to stand by our clients in Greece and “New Europe” to assist them overcome the difficulties associated with the crisis, worked closely with professional associations to support various sectors of the economy, and increased our loans for business and housing.
Finally, we played a significant role, at an institutional level, cooperating with international organizations, in providing adequate funding to the countries in “New Europe”, which remain a major strategic objective for our Group.
The Greek Government’s recent plan for fiscal consolidation and structural changes was dictated by the recent critical conditions and contains austere but necessary measures.
The strict implementation of the program, along with measures to revive economic growth, is expected to lead to the rationalization of the country’s public finances and the de-escalation of its cost of borrowing, the restoration of the country’s international credibility and to provide better prospects for the future.
Now, it is critical to support this important effort and take additional stimulative measures that will help Greece come out of the recession and move towards more sustainable and competitive economic growth.”
Nicholas Nanopoulos – Chief Executive Officer