Credit Europe Bank 'stable and profitable in challenging year'

Credit Europe Bank's total assets in 2009 increased by four per cent over the previous year and amounted to €9.96 billion while net profit was down from a record level of €75 million in 2008 to €51 million "as a result of de-risking the balance sheet and a conservative level of liquidity", the bank announced.

TC Beriker, CEO of Credit Europe Bank said: "Credit Europe Bank NV remained stable and profitable in another challenging year. The balance sheet increased slightly and capital ratios further strengthened. Overall, our subsidiaries contributed substantially to our profitability and demonstrated their increased capability to fund themselves. In Western Europe, we generated a modest growth of deposits. High asset quality as well as effective cost management helped to increase the cost/income ratio and to achieve a satisfactory net income."

In the direct retail banking sector in Germany, the Netherlands, Belgium and Malta total savings and deposits increased from €5.3 billion at the end of 2008 to €5.6 billion at the end of 2009.

"The focus was on keeping loyal customers satisfied by offering attractive interest rates on long term deposits, while converting daily withdrawals to longer maturities. Time deposits now amount to more than 61 per cent of all savings and deposits," the bank said.

"Consumer credits are picking up with volumes reaching €343 million at year-end, compared to €322 million at the end of 2008. In 2010, the bank will focus more on expanding consumer finance. The bank did consider acquiring attractive retail loan portfolios in the last months, but decided to focus on organic growth or await better opportunities for acquisitions," it said.

The bank said that extraordinary costs for obligations under the Dutch Deposit Guarantee Scheme in 2009 amounted to €11 million.

Founded in 1994, Credit Europe Bank NV has grown towards a solid, international financial services group, ranked in the top 10 of Dutch banks with a total balance sheet of around €10 billion. Serving around three million customers worldwide with more than 5,000 employees working from close to 200 branches, the bank's mission is to offer tailor-made corporate banking services and easy-to-use and efficiently delivered retail products.

For more information on Credit Europe Bank N.V. and its products one may visit the Malta Branch at 143/2

Tower Road, Sliema, call on freephone 8007 3232 or visit: www.crediteurope.com.mt.