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Piraeus Bank Bulgaria accounted profit of BGN 10 746 millions for the first quarter of 2010 with stable indices, keeping its strong market position despite the financial crisis according to an official statement of the financial institution. The total assets of the bank at the end of March equal BGN 3.6 thousand millions ranking it among the 10 biggest commercial banks in Bulgaria.

Growth in deposits is 4.42% and they amount to BGN 1, 294 thousand millions. The biggest growth is registered in individual deposits – the newly drawn financial resources amount to BGN 155, 727 millions. The net income from interests is BGN 30,314 millions. A new branch of Piraeus Bank was opened in The Mall in Sofia during the first three months of 2010. The bank has 102 branches all over Bulgaria.

The main indices of the bank remain stable and they are better than the average ones for the Bulgarian market. Bad credits at the end of March, 2010 are 4.03% which is an increase of a little over 1 per cent compared to the 2.96% bad debts at the end of March, 2009. The capital return is 8.18%, the asset return is 1.20% and the expenditure/revenue ratio is 48.88%.

“The growth of deposits despite the financial crisis is very positive and optimistic sign that proves our customers trust us. Their trust is justified and will be rewarded. Piraeus Bank will not give up its investment plans for the Bulgarian market. We will continue to support our corporate and individual customers offering them flexible financial solutions. We will constantly improve the quality of our services through efficient management as well as through expanding our innovative offers like “green” banking and on-line banking. In compliance with this decision the Bank will carefully select its credit portfolio, it will permanently work to increase its liquidity and improve the effectiveness of its capital”, stated Mr. Atanasios Kutsopulos – General Manager of Piraeus Bank Bulgaria.

Despite the difficult economical situation the results of the whole Piraeus group for the first quarter of 2010 are a good reason for optimism for the rest of the year, says the same statement of the institution. The profitability of the operating activity has grown by 18 per cent and amounts to € 161 million. This is the result from the higher net interest income that has increased by 15 per cent and equals € 293 million. At the same time the operating costs keep their level as the same period of the last year and our goal is to still decrease them till the end of 2010.

Notwithstanding the negative growth of the Greek economy, Piraeus Banks continues to gain new customers. During the first quarter of 2010 the customers of the financial institution have increased by 9 500 and in the daughter banks abroad – by 25 000. The Chairmen of the Board of Directors and General Manager of the financial group Mihalis Salas stated a few days ago that the group commits itself to support its investments abroad. “The group operates in 7 countries where the economic situation gradually improves. We will take advantage of the current conditions and the competitive position of Piraeus Bank in the field of green and electronic banking as well as of the developed infrastructure and gained experience and we will concentrate upon the further expansion of our activity in these two modern sectors”, he stated.

The Piraeus financial group is one of the most active financial organizations in Greece with its own know-how in retail banking, small and medium enterprises, leasing, capital markets and investment banking. The group strengthens its international presence focused in South-East Europe and the East Mediterranean countries but also in financial centers like London and New York. The total assets at the end of March, 2010 equal to € 55.2 thousand million. The network of Piraeus consists of 900 branches in Greece, Cyprus, Egypt, Albania, Bulgaria, Romania, Serbia, Ukraine, United Kingdom and USA.

Piraeus Bank operates in Bulgaria since 1994. It has bought Eurobank AD in 2005 and as of March 31, 2010 owns assets amounting to more than € 1.8 thousand million.

According to the preliminary forecasts the profit of the Piraeus financial group this year will keep the levels of 2009. The main poles of Piraeus Bank politics will be the same as in 2009 – it will carefully select the credit portfolio and continuously work for increasing the liquidity and improving the effectiveness of the capital. The bank will continue to support its customers by offering them flexible financial solutions and will improve its services through efficient management. Piraeus will continue to optimize its expenditure too.