Greek Cooperative Banks Report Improved 9-month Results - The Best from Greece

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Posted on: 05/Nov/2009

Greek cooperative banks report improved 9-month results

Greek cooperative banks reported satisfactory increases in their nine-month results, compared with the corresponding period last year, Nikos Myrtakis, chairman of the Association of Cooperative Banks of Greece said on Wednesday.

Assets totaled 4.546 billion euros, up 18.8 pct compared with the same period in 2008, while saving deposits grew 17.6 pct to 3.597 billion euros and loans rose 6.4 pct to 3.152 billion euros.

Equity capitals grew 6.11 pct in the January-September period to 541.9 million euros, while pre-tax profits fell 10.61 pct to 39.9 million euros, reflecting a cut in profit margins and higher cost of money.

The Association of Cooperative Banks of Greece opened 13 new retail units around the country in the nine-month period, raising their network to 213.





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