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Eurobank Ergasias Q1 profit ticks down YOY

Eurobank Ergasias SA reported first-quarter net profit attributable to shareholders of €35 million, down from €37 million earned in the same period in 2017.

Net interest income for the quarter amounted to €355 million, compared to €357 million a year earlier. Net banking fee and commission income came in at €61 million, compared to the year-ago €62 million. Operating income dipped on a yearly basis to €452 million from €459 million, while operating expenses decreased to €219 million from €222 million.

Impairment losses on loans and advances to customers declined year over year to €167 million from €184 million. The bank said loan loss provisions accounted for 186 basis points of its average net loans.

The bank's net interest margin was 2.51% in the first quarter, compared to 2.55% in the fourth quarter of 2017, while the cost-to-income ratio rose quarter over quarter to 48.5% from 45.9%.

The Greek lender said its nonperforming exposure formation — the net increase or decrease of NPEs at amortized cost excluding the impact of write-offs, sales and other movements — was negative €210 million during the quarter, with the NPE ratio decreasing by 70 basis points quarter over quarter to 41.8% of total loans. CEO Fokion Karavias said the bank remains confident that it will achieve all its related NPE reduction targets for 2018.

The bank's common equity Tier 1 ratio, adjusted for IFRS 9 impact, stood at 15.1% at March-end, compared to 15.8% at the end of 2017.