News | Wednesday, 29 April 2009

Credit Europe Bank’s net profit up 25%

Despite the volatile financial markets in 2008, Credit Europe Bank strengthened its position as a solid international financial services group, growing towards the top 10 ranking among Dutch banks as measured by its total balance sheet size. In the field of commodity finance and project finance, the bank achieved a record transaction volume of $12.5 billion (2007: $12 billion), though it applied stricter risk control mechanisms to its counterparties because of the volatility on the markets. The direct retail business in the euro-zone countries Belgium, Germany, Malta and the Netherlands pursued its long term growth strategy and increased the total deposit size to €5.2 billion (2007: €2.9 billion).
Outside the euro-zone, the bank further consolidated its position in commercial banking activities: In Romania, Credit Europe Bank maintained its top position in the distribution of credit cards; Credit Europe Bank Russia added IKEA Russia as an exclusive partner to its co-branded credit card program, building on successful programmes as established earlier with Metro and Auchan. The bank maintained its top 10 position in credit cards and consumer loans in the Russian Federation. Credit Europe Bank Dubai started operations after having been granted a category 1 banking licence by the Dubai Financial Services Authority; Assets under management of Credit Europe Bank in Switzerland reached $2.36 billion; and Credit Europe Bank Ukraine established its market presence and infrastructure in the former Soviet republic.
Mr TC Beriker, CEO of Credit Europe Bank commented: “I am pleased to announce that Credit Europe Bank has shown stability and growth in a very difficult financial environment. Assets size has grown substantially and our net profit has also recorded a significant increase. Our traditional banking model, focusing on trade and project finance, commercial banking and retail banking has proven to be successful. Also in difficult market circumstances we have been able to retain our clients’ trust. We will maximize our focus on matching our short term credits with funding and will enrich the commodity finance franchise by adding new commodities next to metals, petrochemicals, agrochemicals, energy and soft commodities.”

PRINT THIS ARTICLE

Other News

BOV holds its breath as MSI announces loss

MTA monitoring swine flu situation constantly

VAT to blame for self-employed ills – Sant

EC to decide on Malta’s Excessive Deficit Procedure

Rembering a gentleman

Gasan’s Bond Issue oversubscribed immediately after opening

FIMbank Bond Issue oversubscribed

EU reinforces ties with neighbours

Budgetary forecasts haywire?

Uniquely Creative: Are We Attracted To Profits?

In the Wake of the Pinar

Credit Europe Bank’s net profit up 25%

IMAGO europæ 2009: Urban Creativity

Top speakers for Superyacht Seminar

Young Enterprise companies gear up for finals

MTV Mobile launches in Malta

IHI on track with flagship London luxury hotel and residences project

Bank of Valletta helps finance Virtu’s new €60m catamaran

Mark Lamb: Healthy, wealthy and wise