Nomos Bank releases first quarter financial statements
In the first quarter, Nomos demonstrated consistent results with a return on average equity of 18 percent, compared with 18.3 percent last year.
The company's net profit was $4.4 billion and included shareholders' net profit of $3.5 billion, 7.2 percent higher compared to the same period last year. Earnings per share in the first quarter totaled $1.13, and earnings per global depositary receipt totaled $0.60.
Total operating revenues, which take into account impairment losses, for the first quarter amounted to $360 million, an 11.4 percent increase over the same period last year. Net interest income; net fee income and commission income; and net income from trading activities provided a boost to operating income for Nomos Bank Group, amounting to 73.7 percent, 16.3 percent and 5.8 percent of total operating income, respectively.
In the first quarter of 2013, net interest income increased 20.4 percent over the same period the year before, amounting to $270 million, due to the successful growth of the group's loan portfolio. Net fee and commission income totaled $60 million, a 15.9 percent increase, which was a result of the company's cross-selling strategy and clients' increased "wallet share."
The company's operating expenses fell by 16.5 percent, compared to the fourth quarter, to $170 million. Labor costs accounted for 70.5 percent of total operating expenses. The cost to income ratio improved, dropping to 45.8 percent from 47.8 percent the year before.
Total assets reached $28.2 billion, an increase of 3.3 percent compared with the fourth quarter. The group saw total liabilities amount to $25.3 billion, a 3.1 percent increase over the previous quarter. The group also saw a 13.9 percent increase in the share of term deposits, to $12.64 billion, which amounted to 79.4 percent of total borrowings and led to an increase in funding costs.
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