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Eurobank Ergasias Q1 profit down YOY

Greece-based Eurobank Ergasias SA's first-quarter net profit attributable to shareholders fell year over year to €20 million from 35 million.

EPS came in at 1 cent, down from 2 cents in the year-ago period.

Net interest income reached €343 million, down from €355 million in the first quarter of 2018. Meanwhile, net banking fee and commission income rose year over year to €63 million from €61 million.

Operating income was down year over year to €423 million from €452 million. Operating expenses stood at €218 million, down from €219 million.

Impairment losses relating to loans and advances to customers narrowed on a yearly basis to €165 million from €167 million. Other impairment losses and provisions, meanwhile, ticked up over the same period to €6 million from €2 million.

Restructuring costs amounted to €6 million in the period, compared with €36 million a year ago.

The bank said its stock of nonperforming exposures was down by €150 million during the first quarter, bringing its NPE ratio to 36.7% at March-end, compared to 37% at 2018-end and 41.8% a year earlier. Its NPE coverage ratio was 53.8% at June-end, compared to 56.1% a year ago.

The group's common equity Tier 1 ratio stood at 13.6% at March-end, compared to 14.2% at the end of December 2018. The total capital adequacy ratio was 16.1% at the end of March, compared to 16.7% at 2018-end.