EGFEF - Eurobank: While Trading At 0.27x TBV The Recovery Continues
For 2017 Eurobank (EGFEY) reported €104 million profit for the year, significantly down (-56%) from the €235 million profit in 2016. This mainly came from lower revenue (from 'other income') and higher costs (restructuring & taxes). The encouraging data points for me were that fee income grew by 14% and that operating expenses went down 1%.
Since Eurobank is in the midst of repairing the bank, I expect the P&L of Eurobank to remain quite 'volatile' in the coming years with unusual items as restructuring costs,