Greek bank sees decline in 2002 profits

By a Staff Reporter

THE NATIONAL Bank of Greece, which had 31 branches in Cyprus in the last quarter of 2001, released the results of the Group and the parent company for the financial year ending December 31, 2002.

The Group reported a decline in the profit before tax and minority interests with 349.8 million euros for 2002, down 49.9 per cent compared with 2001. This is due to the substantial decline in trading gains, which during 2002 dropped to 83.2 million compared with 390.2 million in 2001. The 2002 result was further burdened by the one-off cost of the voluntary early retirement programme for NBG and ETEBA staff, which totaled 28.5 million. The decline in profits before taking into account this exceptional item is contained to 45.8 per cent.

Due to the same reasons, the profit before tax of the parent Bank amounted to 296.7 million euros, compared with 647.5 million euros in 2001.

The Cyprus Stock Exchange (CSE) accepted the listing application of the Cypriot branch of National Bank of Greece, the CSE board said last week.

The shares of the National Bank of Greece (Cyprus) have been traded on the stock exchange since January 20.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.