Marfin Bank Posts EUR1M Loss In Romania In First Quarter

05.26.2011 By Florentina Dragu

Cyprus' second largest lender Marfin Bank Thursday said it has switched to first-quarter loss of EUR1 million in Romania, from net profit of EUR300,000 a year earlier, on lower revenues.

Marfin Bank said total revenue fell 34% on the year to EUR6 million in the first quarter. Revenue from interests was down 19% to EUR5 million.

Earnings before provisioning more than halved to EUR2 million in January to March, from EUR4.7 million in the year-earlier period.

The bank booked provisions on the local market worth EUR3.3 million, down from EUR4.2 million in the same month of 2010.

Worldwide, Marfin Bank reported a 70% increase in net profit to EUR71 million in the first quarter.