EFG Eurobank
During the past 12 months, EFG Eurobank continued to successfully implement its successful business model: a client-orientated approach, the provision of high-quality value added services, flexible and user-friendly operations and IT platform and the development and encouragement of highly talented and motivated staff.
“As a result, organic growth and financial performance remained robust,” says the bank’s CEO, Nicholas Nanopoulos. “We continued to expand operations in the high-margin segments of the Greek market as well as in southern Europe, transforming economies, gaining market share and enhancing our profitability.
“In 2004, net profit increased by 35%, while our share price had one of the best performances among European banks. Going forward we will strive to achieve and maintain the highest quality standards and shareholder value, always consistent with our goal of being the bank of first choice for the clients we serve.”
Last year, Eurobank was the only bank in Greece to commit itself to specific financial targets. By year-end the bank had met all its objectives. Revenue was up 22%, earnings per share (EPS) up 33%, the cost-to-income ratio was cut to 49.1% and ROE grew to 19.7%. All these figures exceeded the bank’s initial targets as well as market expectations. As a result, Eurobank was the top stock market performer among European banks in 2004.
