(Reuters) – Eurobank, Greece’s largest lender by market value, on Thursday reported higher profit for the first nine months of the year, driven by higher net interest and net fee and commission incomes.
Reported net earnings came in at 1.14 billion euros ($1.23 billion) in the January-to-September period, up 15.8% from the 980 million euros it reported last year.
Net interest income rose to 1.83 billion euros, up 14.3% year on year, driven by loans, bonds and international business, the bank said.
Net fee and commission income expanded 11.8% on the year to 451 million euros due to fees from network activities and asset management, it added.
Eurobank’s non-performing loan exposure ratio (NPE) fell to 2.9% at the end of September.
“In the third quarter of the year, the bank produced another solid set of results, exceeding expectations,” Chief Executive Officer Fokion Karavias said in a statement, adding that the trend suggests that return on equity will be around 17.5% for the full year.
Greek lenders have stabilised after three recapitalisations and nationalisations after the country was rocked by financial meltdown in late 2009.
In June, the European Central Bank approved the request of Greece’s four largest lenders to resume dividend payments after 16 years, a further sign of the sector’s recovery and the country’s economic rebound.
($1 = 0.9239 euros)
(Reporting by Antonis Pothitos; Editing by David Evans)
