Emporiki: 18m-euro loss in 2009

Emporiki Bank, local subsidiary of Emporiki Bank Greece, a member of French group Credit Agricole, posted an 18.3 million-euro loss last year, more than double that recorded in 2008, of 7.8 million euros, according to the audited financial reports published by the bank. The bank’s officials did not comment on the data yesterday.

The volume of loans granted by Emporiki to its clients rose by 1.5% to 111.8 million euros by the end of December 2009, while the volume of loans in the banking system fell by 3% last year, according to data from the NBR (National Bank of Romania). Emporiki granted loans worth more than the instalments paid, unlike the overall banking system. Individual clients account for 35% of bank’s loan portfolio. 60% of loans granted to individual clients are consumer loans, with the rest being mortgage loans and credit cards, according to the bank’s balance sheet. SMEs account for 32% of the bank’s corporate loans portfolio, with big companies making up the rest of the portfolio. Emporiki was even more aggressive as far as resources attracted are concerned. Clients’ deposits rose by 52% last year to 78.4 million euros.