From MaltaMedia.com
Credit Europe Bank N.V. reports growth in 2007
By MaltaMedia News
Jun 21, 2008 - 9:52:28 AM
Credit Europe Bank N.V. has announced an exceptional financial performance for the reporting year 2007. Experiencing a 54% growth, on the previous year, as at 31 December 2007, the asset size of the Bank increased to € 5.9 billion on a consolidated level.
Pre-tax profit grew 70% to € 70.2 million (2006: €41.2 million) and net profit was up 69% to € 49.3 million (2006: € 29.2 million). Total operating expenses went up by 62% - reflecting the current growth and expansion of the business.
In line with these developments, Credit Europe Bank N.V. further strengthened its capital base and, with 2007 net income, has increased the equity level to €385 million (excluding Tier II capital in the form of subordinated debt amounting to €179.6 million).
The Retail Banking Division of Credit Europe Bank N.V. in Western Europe in particular, was able to perform strongly in 2007. Savings deposits increased from € 1.7 billion in 2006 up to € 3 billion in 2007, representing 75% growth. The amount of outstanding retail loans went up 90%. The Bank continues to offer “consistently superior interest rates” - something that it is known for in the market and recognised by the German consumer safety group ‘Stiftung Warentest’.
In 2007, investment in Russia was increased by €108 million and in Ukraine by €43 million.
In line with its growth strategy, Credit Europe Bank N.V. opened a new branch in Malta while its Retail operations were launched in the beginning of 2008, offering Savings and Fixed Term Deposit accounts at very competitive rates of interest. The Branch also offers Corporate banking services specialising in commodity and marine finance. Further growth in this sector is planned for the coming years. The Branch employs 21 people, the vast majority of whom are Maltese. A representative office in China (Shanghai) also commenced its operations during the year.
For more information on Credit Europe Bank N.V. and its products visit the Malta Branch at 143/2 Tower Road, Sliema; call on Freephone 8007 3232 or visit www.crediteurope.com.mt.
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