(Greece) – One of Greece’s major banks, Eurobank, has shown a profit for the second straight quarter. Overall, the bank’s strategy has been to decrease its debts while increasing its profits. In particular, the bank showed a net profit of 46 million euros in the second quarter of 2016 and a profit of 106 million euros in the first quarter of 2016.
The Chairman of the Board, Nikolaos Karamouzis, had the following to say in a statement that was released by the bank after they published their second quarter results:
The Greek economy is on a path of gradual stabilization, which must be strengthened and accelerated. Greece is no longer a factor of instability, but the international environment is deteriorating, marred by multiple uncertainties. Developments in the banking sector in Italy require major decisions at European level, as does Britain’s smooth exit from the eurozone, while the refugee crisis and the ongoing upheaval in our geographical region underline the importance of stability and European cooperation. Greece has already completed most of the necessary adjustments, which now needs to translate into renewed international credibility.
The banking sector is at a turning point and restoring confidence is of critical importance for the Greek sovereign to gradually return to international markets. In this context, full implementation of the new, more stringent regulatory requirements for the quality of corporate governance is a priority for Eurobank. Greek banks, while adequately capitalized, face the challenge of managing non-performing loans, improving liquidity and attracting deposits, subject to better macroeconomic conditions. In a normalized environment, the banking system has the ability to support the recovery of the productive base of the economy, attract international investments and assist the return to positive growth rates.
Although Greece is still in a recession, when banks show a profit, it is seen as a good sign. However, the country still has a long way to go before things truly improve.