Credit Europe Bank declares net profit of €28 million

Credit Europe Bank has announced a net profit of €28 million for the first half of this year, a significant improvement on the second half of last year, when net profit stood at €9 million.

Total assets also increased by 11.8 per cent to €10.7 billion, when compared to the value of assets held at the end of last year. The bank said these results were achieved through a reduced cost base and a decrease in impairments, from €115 million in the second half of 2008 to €84 million this year.

The bank said it will maintain its long-term strategy of focusing on balancing its risks in emerging markets with those in more developed countries. As a result it has increased its exposure in G10 countries from 32 per cent to 39 per cent, while exposure in emerging markets has decreased from 63 per cent to 54 per cent.

Commenting on the results, TC Beriker, CEO of Credit Europe Bank said: "Despite the uncertain financial times in the first half of this year, Credit Europe Bank strengthened its position and increased its profit compared to the previous reporting period. Even in the ongoing financial turmoil, Credit Europe Bank has proven to be a solid financial services group.

"It has reported positive results since its foundation in 1994, while constantly growing the balance sheet. This has brought our bank among the top 10 Dutch banks as measured by total balance sheet size. Based on the contribution in the past months, we expect that we will again increase our full year net profit after having reported a record net profit of €74.5 million in 2008".

Founded in 1994 in Amsterdam, Credit Europe Bank is a solid international financial services group, ranking among the top 10 Dutch banks. The bank's strategy is to offer tailor-made services in trade and commodity finance as well as to offer smart and efficiently delivered retail products. The bank is under the full supervision of the Dutch Central Bank.

It employs over 6,000 professionals working in the eurozone countries Belgium, Germany, Malta and The Netherlands as well as in China, Dubai, Romania, Russia, Switzerland, Turkey and Ukraine, serving more than three million customers worldwide.