UK Markets close in 5 hrs 2 mins

  • FTSE 100

    7,539.42
    +3.20 (+0.04%)
     

  • FTSE 250

    18,721.02
    -58.08 (-0.31%)
     

  • AIM

    803.15
    -1.81 (-0.22%)
     

  • GBP/EUR

    1.1376
    +0.0033 (+0.29%)
     

  • GBP/USD

    1.2281
    +0.0062 (+0.5097%)
     

  • BTC-GBP

    22,974.84
    +206.24 (+0.91%)
     

  • CMC Crypto 200

    614.83
    +9.78 (+1.62%)
     

  • S&P 500

    4,002.87
    +51.30 (+1.30%)
     

  • DOW

    32,560.60
    +316.02 (+0.98%)
     

  • CRUDE OIL

    69.45
    -0.22 (-0.32%)
     

  • GOLD FUTURES

    1,945.30
    +4.20 (+0.22%)
     

  • NIKKEI 225

    27,466.61
    +520.94 (+1.93%)
     

  • HANG SENG

    19,591.43
    +332.67 (+1.73%)
     

  • DAX

    15,287.26
    +91.92 (+0.60%)
     

  • CAC 40

    7,139.18
    +26.27 (+0.37%)
     
Interest rates:

Bank of England poised to raise interest rates to 4.25%

Surprise spike in inflation prompting Bank to take action

Greece's Eurobank reports surge in 2022 profit as economy improves

Reuters
·2-min read
A man walks outside a Eurobank branch in Athens

ATHENS (Reuters) -Eurobank, Greece's largest lender by market value, reported that profit quadrupled last year on the back of higher net interest income and lower provisions for impaired loans.

The bank, which is 1.4% owned by the country's HFSF bank rescue fund, reported a net profit of 1.33 billion euros ($1.41 billion) versus 328 million euros in 2021.

Greek banks are benefiting as the country's economy rebounds from a decade-long debt crisis and the COVID-19 pandemic. It expanded by 5.9% last year on higher consumer spending, strong tourism and investment.

Eurobank's net interest income grew by 17.4% year on year in 2022 to 1.55 billion euros, driven by higher rates, lending and its international business.

It said it will start paying a dividend out of its earnings next year, for the first time since the debt crisis, with the planned payout ratio seen at around 25%. The bank initially planned to distribute a dividend this year.

"The amount earmarked for dividend distribution (in 2023) will be used in an optimal way to bid for the 1.4% HFSF stake through a share buyback scheme," said Eurobank's Chief Executive Fokion Karavias.

The HFSF fund has spent about 40 billion euros ($43 billion)to recapitalise Greece’s four largest lenders during the country's decade-long financial crisis, receiving shares in exchange.

HFSF holds a 40.4% stake in National Bank of Greece, 27% in Piraeus Bank, 9% in Alpha and 1.4% in Eurobank.

Eurobank's non-performing loan exposure (NPE) ratio fell to 5.2% at the end of December, from 6.8% at the end of 2021, with the stock of bad loans declining to 2.3 billion euros, from 2.8 billion euros at the end of 2021.

($1 = 0.9452 euros)

(Reporting by Athens newsroom; Editing by Kirsten Donovan and Susan Fenton)

Latest stories

  • Interest rate expectations torn up across the City into Bank of England meeting

    It’s now seen as a 50-50 call on whether the Monetary Policy Committee lifts rates on Thursday

  • Bank of England poised to raise interest rates to 4.25% amid inflation surprise jump

    City analysts have tipped Bank governor Andrew Bailey to prioritise fighting inflation ahead of banking sector stability.

  • Britain Set to Break From Eurozone With Cooling Core Inflation

    (Bloomberg) -- Britain’s underlying price pressures are set to diverge with those in the eurozone, with signs of cooling inflation intensifying the debate over whether the Bank of England should halt its cycle of interest rate increases.Most Read from BloombergUS Studies Ways to Insure All Bank Deposits If Crisis GrowsUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisJPMorgan Owned the LME ‘Nickel’ That Was Actually Bags of StonesVanguard Said to Shutter Business in China, Exit Ant Vent

  • What the Credit Suisse crisis is doing to your savings, mortgage and investments

    The banking sector was thrown into crisis as markets tumbled in early trading on Monday following the emergency takeover of Credit Suisse by rival bank UBS.

  • FTSE 100 stocks are rallying! 3 cheap dividend shares I’d buy right now

    These FTSE 100 stocks are still on sale following the recent financial market meltdown. Here are several on my shopping list today. The post FTSE 100 stocks are rallying! 3 cheap dividend shares I’d buy right now appeared first on The Motley Fool UK.

  • April dates for DWP payments, benefits, pensions and cost of living top ups

    Three-month extension of energy price guarantee welcomed but key state support schemes expiring

  • How I’d invest £10k in a Stocks and Shares ISA to earn £900 of passive income

    Times of crisis can create investment bargains. Our writer considers how to use current opportunities to boost income in his Stocks and Shares ISA. The post How I’d invest £10k in a Stocks and Shares ISA to earn £900 of passive income appeared first on The Motley Fool UK.

  • 2 undervalued dividend shares I’d buy as the FTSE 100 tumbles

    The FTSE 100 index counts many high-yield dividend shares among its constituents. Our writer identifies two that look like cheap buys for his portfolio. The post 2 undervalued dividend shares I’d buy as the FTSE 100 tumbles appeared first on The Motley Fool UK.

  • Inflation rise surprised even the Bank of England - and now interest rate hike looks near-certain

    The surprise increase in inflation will give policymakers pause for thought. Just days ago, inflation appeared to be coming down nicely and some were talking down the chances of another interest rate hike. Although economists - and the Bank of England - were expecting the consumer prices index to fall from 10.1% to 9.9%, the headline rate of inflation actually jumped to 10.4%.

  • This market is throwing up high-yield bargains!

    This writer sees some high-yield bargains in today's market. Here's how he's trying to spot them, while avoiding value traps. The post This market is throwing up high-yield bargains! appeared first on The Motley Fool UK.

  • With a strong balance sheet and plump dividend, this company feels like a welcome port in a storm

    This column’s decision in January to sit on its hands and do as little as possible, in the view that it didn’t really know why share prices were rallying so hard and so fast, does not look quite so spineless, at least for now.

  • 3 magnificent stocks I’d like to buy in the next FTSE 100 crash

    I'd like to own these three FTSE 100 stocks but they seem a little expensive to me. That could quickly change if stock markets fall. The post 3 magnificent stocks I’d like to buy in the next FTSE 100 crash appeared first on The Motley Fool UK.

  • Funds join opposition to forced shift in euro clearing from London to EU

    LONDON (Reuters) -Forcing asset managers to shift clearing of their euro derivatives trades from London to the European Union would be anti-competitive, split markets and increase costs, Europe's investment funds industry body said on Tuesday. The EU's executive European Commission has proposed that asset managers and banks in the EU open an "active account" with an EU-based clearing house to shift some clearing from London Stock Exchange Group (LSEG) and ICE to Deutsche Boerse in Frankfurt to end heavy post-Brexit reliance on UK clearers.

  • 2 growth stocks for the next 10 years and beyond

    I think these two growth stocks in industry leading positions have the potential to reward patient investors over the next decade. The post 2 growth stocks for the next 10 years and beyond appeared first on The Motley Fool UK.

  • The Future of Bitcoin Amid U.S. Banking Sector Concerns

    The recent collapse of three high-profile banks - Silicon Valley Bank, Silvergate Bank and Signature Bank - has left many regional banks reeling. Angel investor and MythOfMoney.com author Tatiana Koffman joins “All About Bitcoin” to discuss her last opinion piece on CoinDesk, titled "Bitcoin Was Built for This Moment."

  • 'Contagious bank runs' to blame for current turmoil, says US Treasury Secretary

    The turmoil affecting the world's financial system was caused by "contagious bank runs", the US Treasury Secretary has said.

  • 3 reasons to buy Rolls-Royce shares, 1 reason to sell

    Rolls-Royce shares have doubled in the space of six months. Here's why there now appears more reasons to buy this FTSE 100 stock than sell it. The post 3 reasons to buy Rolls-Royce shares, 1 reason to sell appeared first on The Motley Fool UK.

  • Inflation news – live: Rate jumps unexpectedly as outlook for government finances ‘still grim’

    Rate hits 10.4% in February, tilting back up after recent falls

  • 3 stocks I’d buy if the stock market crashes

    A stock market crash could wipe out a chunk of the price of three stocks I have my eye on and make bargains of them. The post 3 stocks I’d buy if the stock market crashes appeared first on The Motley Fool UK.

  • Oil prices lowest since 2021 on banking fears

    STORY: Oil prices dropped to their lowest levels in 15 months on Monday on concerns that a global banking crisis could spark a recession that would reduce fuel demand.In volatile trading, global benchmark Brent crude and U.S. West Texas Intermediate crude each fell about $3 a barrel to their lowest levels since December of 2021.WTI sunk below $65 a barrel before paring some losses. Brent was trading around $72 a barrel. Brent hit a 14-year peak of around $130 a year ago and was one of the main drivers of global inflation. It was above $100 a barrel as recently as July.Crude’s Monday slide came despite a historic deal in which UBS, Switzerland's largest bank, agreed to buy Credit Suisse in an attempt to rescue the European country's second-biggest bank.After the deal was announced, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.Given the recent turmoil in the banking sector and fears it could trigger a long-feared recession, traders and economists remain split on whether the Federal Reserve will raise its benchmark rate when policy makers meet this week.Some executives are calling on the central bank to pause its monetary policy tightening for now but be ready to resume raising rates later.Meanwhile, one oil analyst tells Reuters that the oil market is moving more on fear than fundamentals, saying (quote), "We're not moving at all on supply and demand fundamentals, we're just moving on the banking concerns."