Marfin Popular: Marfin Financial Group final results 2006
28/2/2007 13:08
MARFIN FINANCIAL GROUP: FY 2006 results
- Net earnings of the group at €257.7 million in 2006 (increase 694% on annual basis)
- €5 billion share capital increase will be approved by the Annual General Shareholder Meeting on 29 March 2007
Marfin Financial Group’s published 2006 results showed significant earnings improvement. Net income of the Group reached €257.7 million in 2006 from €32.5 million in 2005, posting a 694% increase on an annual basis. Operating revenues rose to €547.9 million in 2006 and operating costs grew to €154 million, shaping cost-to-income ratio at 28.1%.
Loans, net of provisions, jumped to €1 billion, reporting 104% increase versus 2005, and deposits reached €1.5 billion, up 102% on an annual basis. Return on Equity (ROE) stood at 33.8% and Return on Assets (ROA) rose to 11% in 2006 versus 2.95% in 2005.
The Board of Directors is expected to propose the distribution to the shareholders, in the form of both return of capital and a dividend, of €848.253.004,41, i.e. €15,33 per share. Also, the Board of Directors on Monday, March 5, 2007 will decide for the corporate actions and the recommendations to the General Shareholders Meeting for the terms of return of capital as well as the detailed terms for the share capital increase of €5 billion.
The Annual General Shareholder meeting will be held on Thursday March 29, 2007 in order to approve the above share capital increase in order to fund the announced new activities of the Company.
- Net earnings of the group at €257.7 million in 2006 (increase 694% on annual basis)
- €5 billion share capital increase will be approved by the Annual General Shareholder Meeting on 29 March 2007
Marfin Financial Group’s published 2006 results showed significant earnings improvement. Net income of the Group reached €257.7 million in 2006 from €32.5 million in 2005, posting a 694% increase on an annual basis. Operating revenues rose to €547.9 million in 2006 and operating costs grew to €154 million, shaping cost-to-income ratio at 28.1%.
Loans, net of provisions, jumped to €1 billion, reporting 104% increase versus 2005, and deposits reached €1.5 billion, up 102% on an annual basis. Return on Equity (ROE) stood at 33.8% and Return on Assets (ROA) rose to 11% in 2006 versus 2.95% in 2005.
The Board of Directors is expected to propose the distribution to the shareholders, in the form of both return of capital and a dividend, of €848.253.004,41, i.e. €15,33 per share. Also, the Board of Directors on Monday, March 5, 2007 will decide for the corporate actions and the recommendations to the General Shareholders Meeting for the terms of return of capital as well as the detailed terms for the share capital increase of €5 billion.
The Annual General Shareholder meeting will be held on Thursday March 29, 2007 in order to approve the above share capital increase in order to fund the announced new activities of the Company.
