Eurobank recorded a positive performance in Q1 2024 with an increase in key figures, with net profit reaching €287 million from €237 million in the same period last year. According to the bank's statement, this amount includes the cost of the voluntary employee separation in Greece, which was completed in February.

In particular:

Total net profit stands at €287 million, or EUR 0.08 per share.

Organic revenue increased by 11.9% year-on-year to €707 million. Total revenue increased by 21.8% compared to Q1 2023 to €755 million.

The NPEs ratio stood at 3%, with the loan-to-deposit ratio at 72.5% and the liquidity coverage ratio at 179%.

Eurobank recorded an organic increase in up-to-date loans of €0.4bn, while the total capital adequacy ratio (CAD) stood at 20.2%.

The CET1 ratio stood at 17.2%, while the provisioning ratio for non-performing exposures was 92.6%.

CEO STATEMENT

Eurobank CEO Fokion Karavias said in a statement on the occasion of the bank's quarterly results announcement: "The first quarter performance is an excellent start to the year and reinforces our confidence that the 2024 plan will be achieved, with a tangible book value return of 15%. In addition to the strong operating performance, all of our Cyprus operations are progressing in line with our plan. Regarding the dividend distribution, the application to the SSM supervisory mechanism has already been submitted with a proposed distribution rate of 30%, corresponding to a dividend of more than 9 cents per share. Approval is expected in June, and the dividend will be paid immediately after the approval of the General Meeting at the end of July. Eurobank's quarterly performance remained strong. With a 20% return, tangible book value increased to €2.14 per share. International operations made a significant contribution, with a net profit of €145 million, up more than 80% year-on-year. Credit expansion was noteworthy, with outstanding loans increasing by €0.4 billion, a performance that confirms that credit expansion in 2024 will be stronger than last year, especially in Greece. The macroeconomic environment remains more positive than in the euro area in all three of our key markets. S&P recently upgraded the credit outlook in Greece in particular. In this environment, Eurobank is well positioned to grow its business, deliver strong financial results, reward shareholders, and contribute to society."