Net operating income up 14% to €416 million
- Net profit at €94 million
- Fibabanka, in its first year as Credit Europe Bank subsidiary, reaches net profit of €10.8 million
- Solvency ratio 12.7%
Credit Europe Bank’s total loan book increased to €7.2 billion per the end of 2011, up 8% compared to the end of 2010. The total trade finance volume (including Fibabanka) increased to €10.3 billion, up 63%. Thanks to higher net interest income, higher commission income and stable credit loss charges, the bank’s net operating income increased 14% year-on-year, from €366 million in 2010 to €416 million in 2011. Net profit decreased slightly from €102 million in 2010 to €94 million in 2011, mainly due to continuous investments in the bank’s distribution network.
As of year-end 2011, Credit Europe Bank’s solvency ratio reached 12.7% and its Tier 1 ratio 10.8%.
”We are satisfied with our results over 2011 given the financial crisis in the Eurozone. During the year we managed to continue the positive trend of 2010 by focusing on customer needs and maintaining sound risk management. We also ensured to keep the strong capital and liquidity buffers of the bank. Our strategy is to focus on growth in trade finance and retail banking operations. This year we expanded our network by opening retail branches in Turkey and Russia, and by establishing new partnerships with major online retail loan portals in Germany,” says Murat Basbay, CEO of Credit Europe Bank NV.
Operational highlights 2011
- In global trade and commodity finance, Credit Europe Bank took a conservative approach and was selective in accepting new transactions. Nevertheless, the bank realized a consolidated trade volume of €10.3 billion, an increase of 63% (47% excluding Fibabanka).
- In Russia, the bank opened 15 new branches and installed 274 new ATM’s. The bank is now ranked in the top 10 of Russian retail banks. The credit card turnover in Russia increased substantially thanks to the bank’s co-branded card programs with major international retailers such as IKEA, Metro, Mega and Auchan.
- In Germany, the bank grew its retail loan portfolio via new partnerships with major online retail portals.
- In Turkey, Fibabanka made a good start in its first year of operations as a Credit Europe Bank subsidiary. The loan book increased from €307 million to €862 million and the deposit base grew by 168% from €307 million to €823 million. The number of branches increased from 18 to 21.
- In Romania, Credit Europe Bank maintained its position as market leader in credit cards with a strong focus on its merchant network. The bank continued investing in online technology.
- Credit Europe Bank has already started integrating Basel III requirements in its capital and liquidity management framework and - infrastructure. The monitoring process on Basel III has shown that the bank’s relevant risk indicators are comfortably above the required minimum levels. The bank believes that the new Basel III rules will contribute to its competitiveness, as the bank will enhance and upgrade the existing systems and controls throughout the Basel III transition phase.
Credit Europe Bank: A reliable bank that works for you
More than three million customers around the world entrust their financial affairs to Credit Europe Bank.
We offer corporate customers a wide range of banking products, including international trade and commodity finance, project finance and working capital loans. Represented in key trading hubs such as the Netherlands, Switzerland, China and the United Arab Emirates, as well as in raw material exporting and importing countries including Russia, Turkey and Ukraine, we are well positioned to finance our customers’ transaction flows across the globe.
To retail and SME customers we offer simple and transparent products in seven Western and Eastern European countries: Belgium, Germany, the Netherlands, Malta, Romania, Russia and Turkey.
Credit Europe Bank NV is headquartered in the Netherlands and operates around 230 branches, 730 ATM’s, 8,300 sales points and 16,000 point of sale terminals. It has more than 6,600 employees in 11 countries.