Greece-based Marfin makes 5.4m-euro profit in 2008

Greece-based Marfin Bank (former Egnatia), posted 5.4 million euros in gross profit last year. In 2007, the bank had announced 4.3 million euros in net profit. “This year will be one of consolidation. We will apply a strategy based on the market progression. If we will see a development, we will adapt to the new conditions,” says Cornel Stanescu, deputy general manager of Marfin Bank. The development plan presented at the beginning of last year by the bank’s chairman, Stylianos Sofianos, was much more aggressive, providing for a doubling of the balance sheet, as well as of 2008 earnings. For the time being, there is a lack of demand on the market, adds Stanescu. Additionally, retail clients find it harder to qualify for contracting a loan. “We were traditionally prudent when granting loans, so we have not had to tighten lending terms of late. In our portfolio we have only loans with tangible assets set up as collateral,” Stanescu says.