Eurobank net profit at €60m in Q1 2020

Eurobank operating performance in the first three months of the current year has been robust, with net profit increasing to €60m.

Net interest income fell by 0.9% y-o-y to €339m in 1Q2020, with the net interest margin receding by 27 basis points over the same period to 2.08%.

Net fee and commission income grew by 40.4% y-o-y to €92m, mainly due to rental income, fees capital markets and asset management business.

Core income increased by 5.7% against 1Q 2019 to €432m, while total operating income rose by 2.9% y-o-y to €434m.

Operating expenses decreased by 2.8% y-o-y in Greece and were up by 1.7% y-o-y at a group level due to the merger with Grivalia and Piraeus Bank Bulgaria. The cost to income ratio improved to 50.7% in 1Q2020 from 51.3% a year ago.

International operations remained profitable, as net profit rose by 11.6% y-o-y to €42m. Core pre-provision income grew by 3.3% y-o-y to €65m and pre-provision income expanded by 0.6% y-o-y to €66m.

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