PROTON Group net profits for 1Q2011 reached € 1.05 mil., versus € 3.71 mil. during 1Q2010. The performance of PROTON Group during the 1st quarter of the year is characterised by the ongoing improvement of recurring revenues, the continuation of the policy of undertaking additional loan-loss provisions and by the strengthening of the Bank's capital base.
More specifically:
Net interest income during 1Q2011 reached € 16.65 mil., as compared to € 15.23 mil. during 1Q2010, recording a 9.35% y-o-y increase.
Net fee and commission income during 1Q2011, reached € 1.78 mil, versus € 5.61 mil. during the equivalent period of 2010, recording a 68.26% decline.
Net income from financial instruments recorded a loss of € 0.40 mil., versus losses of € 3.22 in 1Q2010.
Total operating income during the first quarter of the year reached € 18.83 mil., as compared to € 17.99 mil. during the equivalent period of 2010, recording a 4.67% y-o-y increase.
Group total operating expenses, including provisions and depreciation during the first quarter of the year, reached € 17.65 mil., versus € 13.99 mil. during the equivalent period of 2010, recording a 26,16% y-o-y increase, that is largely attributed to the increase in provisions.
New loan loss provisions for 1Q2011 amounted to € 3.23 mil., as compared to € 1.57 mil. for the equivalent period of the previous year, corresponding to a 105.86% y-o-y increase.
Customer deposits at 31.03.2011 amounted to € 1,858 mil., recording a slight decline of 3.91% from the beginning of the year. Net loans to customers (after provisions) amounted to € 2,039 mil., increased by 4.50% since 31.12.2010. The net loans to deposits ratio stood at 109.72%.
On February 2011, PROTON Bank issued subordinated notes (Tier II) of € 60 mil., further strengthening its capital base. The Tier I ratio is estimated at 10.29% at 31.03.2011, whereas the Capital Adequacy ratio stood at 11.83%. Group total assets amounted to € 3,844 mil., whereas the Group?s regulatory capital on 31.03.2011, stood at € 352.80 mil.