Eurobank Cyprus sees net profits of €24m in Q3

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Eurobank, Greece’s third largest lender recently decided to open a subsidiary in Cyprus (Eurobank Cyprus Ltd) have generated a net profit of €24 million in the first half of 2017 compared to €37 million net profit generated throughout the entire financial year in 2016.

The bank released an emailed statement last week declaring that the total amount of customer deposits was reduced to €3.7 billion by June this year from €3.8 billion in December while its loan portfolio increased to €1.8 billion from €1.7 billion respectively. Its equity and retained earnings dropped to €434 million in July from €448 million, 6 months previously after the repayment of a €40 million security deposit.