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Athens News Agency: News in English, 09-11-24

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Greek bond market closing report
  • [02] EU Commission warns Greece over bake off policy
  • [03] NBG 9-mo. profits at 1.01 bln

  • [01] Greek bond market closing report

    (ANA-MPA) -- The yield spread between the 10-year Greek and German benchmark bonds widened again to 174 basis points in the Greek electronic secondary bond market on Tuesday, with the Greek bond yielding 4.99 pct and the German Bund 3.25 pct.

    Turnover was 1.7 billion euros, with the 10-year benchmark bond (July 19, 2019) the most heavily traded security of the market.

    In interbank markets, interest rates were largely unchanged. The 12-month Euribor rate was 1.25 pct, the six-month rate 1.03 pct, the three-month rate 0.76 pct and the one-month rate 0.45 pct.

    [02] EU Commission warns Greece over bake off policy

    (ANA-MPA) -- The European Commission has officially warned Greece over limitations imposed on "bake off products" in the country, while giving the country a two-month deadline to change practices before moving to the next step of administrative proceedings, i.e. referring the case to the European Court of Justice, the association representing Greek bakery companies announced on Tuesday.

    In a statement to the press, the bakery companies reiterated their opposition to limitations imposed in the licensing of bake off facilities and said that the European Commission, in a warning letter to the Greek government, said it was giving a two-month deadline to present new regulations over bake off activities in the country.

    [03] NBG 9-mo. profits at 1.01 bln

    National Bank Group on Monday said its nine-month net profits fell 17 pct to 1.01 billion euros, compared with the corresponding period in 2008 and said third quarter profits surpassed 300 million euros, boosted by a recovery in organic profitability in all countries with established activities by the bank.

    Greeceās largest commercial bank said pre-provision earnings totaled 2.1 billion euros in the January-September period (up 15 pct from last year), while new loans grew 12 pct to 5.0 billion euros in Greece, of which 2.2 billion euros were mortgage loans accounting for 41 pct of the total market, or 69 pct of new loans in the period.

    New saving deposits totaled 4.0 billion euros in the nine-month period, raising the loan to deposit rate to 94 pct at the end of September. National Bank said 45 pct of profits in the third quarter came from activities abroad. In particular, Finansbankās net profits totaled 332 million euros in the January-September period, 33 pct of total profits of the group, with all activities in southeastern Europe recording profits despite a negative economic jucture.

    National Bank said its Tier I 12.2 capital adequacy rate rose to 12.2 pct.

    Commenting on the results, Takis Arapoglou, the bankās chairman and chief executive, said third quarter performance -particularly the stability in organic revenues- highlighted operating results as the main factor for a gradual recovery of the bankās results to pre-crisis levels.

    "Acknowledging that challenges in the banking sector remained big, we are preparing for a gradual withdrawal of urgent measures that supported the international financial system in 2009 and creating preconditions so that National Bank Group will take advantage of new opportunities," Arapoglou said, adding that the bank was a leader in supporting the Greek economy.


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