Downsizing of losses for the first quarter of 2011 reported ATEbank, compared with the corresponding period and the last quarter of 2010.
According to an announcement, the group recorded improved results with losses after tax and minority interest at €29.5 mn in Q1 2011 compared to losses of €320.8bnin Q4 2010 and losses of €37.4 mn in Q1 2010.
Moreover, pre provision profit rose by 67.7% on a yearly basis and 48.0% on a quarterly basis.
During the first quarter of 2011, ATEbank Group, in the context of the implementation of its Restructuring Plan approved by the European Commission on 23 May 2011, focused its efforts on the deleveraging of its assets, the effective management of NPLs, the containment of its operating cost, and the reduction of ECB funding, said the bank.
Also, ATEbank continued to implement the necessary organizational changes that aim at the enhancement of its operational effectiveness and efficiency.
As a result of the implemented policies, total income and total expenses improved significantly both on a yearly and a quarterlybasis, resulting in a Q1 2011 pre provision profit increase of 67.7% y-o-yand 48.0% q-o-q, to €79.4 mn from €47.4 mn in Q1 2010 and €53.7 mnin Q4 2010.
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