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Profits

The EFG Eurobank Group's basic financial data for the period January - March 2000 posted a significant improvement over the same period a year ago.

The EFG Eurobank Group's basic financial data for the period January - March 2000 posted a significant improvement over the same period a year ago.
Total assets of the EFG Eurobank Group stood at GRD 3.1 trillion on 31 March 2000, as against GRD 2.1 tr. on 31 March 1999, an increase of more than 50 per cent. Specifically, during the first quarter of 2000, total assets increased by 11 per cent, reflecting the continuing rapid development of the Group's business in the current year. Revenues of the EFG Eurobank Group from interest and commissions during the first quarter of this year amounted to GRD 37.6 billion, as compared with 24.5 bn drs during the same period in 1999, an increase of 53 per cent. In contrast, revenues from financial transactions fell from GRD 16.2 bn to GRD 11.8 bn. As a result, total operating revenues stood at GRD 49.4 bn in the first quarter of 2000, as against GRD 40.7 bn in the corresponding period of last year, an increase of 21 per cent. It should be noted that the substantial growth of revenues from interest and commissions is the result of the continuing dynamic development of the Group's business in the fields of retail banking, investment banking, and asset management. Total profits before tax of the EFG Eurobank Group came to GRD 22.2 bn in the first three months of 2000, as compared with GRD 21.8 bn during the same months of 1999, in spite of the significant reduction in revenue from finance business. It is worth noting that, according to international accounting models which show the financial results of the Group in a different way, the net profits before tax, and goodwill amounted to 18.4 bn drs during the first quarter, as against 6.8 bn drs in the same period of last year.
On the basis of both Greek and international accounting methods, the organic profitability of the EFG Eurobank Group in the first quarter of the current year showed an increase in excess of 80 per cent.