Net profits after tax and before minority rights of the EGNATIA BANK Group for 2005, reached Euro18,6 million, marking an increase of 114,3%, whereas Net Profits before tax reached Euro27,1 million compared to Euro19,8 million in 2004 (an increase of 37%). Specifically, Loans at Group level, before provisions, amounted to Euro2.487 million, a growth of 15,5% compared to the previous year. Deposits grew by 9% reaching Euro2.700 million. The Loan to Deposit ratio shaped, therefore, at 92,1%. The Group's Assets increased by 18% reaching Euro3.394 million compared to Euro2.876 million in the previous year, whereas the EGNATIA BANK Group's Total Equity shaped at Euro249,4 million compared to Euro216,5 million during the previous financial year (an increase of 15,2%). The after tax Return on Average Assets, as well as the after tax and minority rights Return on Average Equity, have doubled compared to 2004 reaching 0,60% and 8,0% respectively. The Capital Adequacy Ratio remained at a high level and reached 12,30% for the Group and 14,36% for the Bank. The Group's Operating Income reached Euro142,5 million compared to Euro130 million during the previous year (an increase of 9,6%). Commissions grew significantly despite heavy competition. More specifically, Net Commissions increased by 18,6% reaching Euro35,5 million whereas Profits from Financial Transactions reached Euro5,7 million compared to a Euro0,2 million loss in the previous year. Net Interest Income reached Euro94,6 million maintaining roughly the same levels as last year (Euro95 million in 2004), due to the pressure from interest rate competition. The Net Interest Margin, although retreating -due to intense competition that favors spread tightening-, was maintained at 3,2% mainly as a result of the loan portfolio synthesis. Total Operating Expenses grew by 8,70% reaching Euro100,3 million compared to Euro92,2 million, mainly because of the expansion of the Branch Network and the increase in Human Resources. General Operating Expenses remained at the same levels as last year (Euro29,6 million in 2005 compared to Euro29,1 million of the previous year). The proposed dividend per share for 2005 is Euro0,05. The Branch Network grew during the year and today EGNATIA BANK counts 81 points of sale (72 Branches and 9 Business Centers which service professionals - businesses). The Bank's presence in Romania has expanded to 4 service centers and a further 4 will gradually be opened. A new range of banking and banc-assurance products aimed at the individual and professional client (SBL) were designed and launched during the year with success (Egnatia Oikia, Egnatia Pension, Egnatia Junior, Egnatia Cash-Flow Support, Egnatia Company Support etc.). In December 2005 the Bank was re-evaluated by the International Credit Rating Agencies Moody's and Fitch and was affirmed a BBB- long term credit rating and an F3 short term credit rating (Fitch rating), Baa3 long term credit rating and P-3 short term credit rating (Moody's rating). During 2005, the Bank issued two Floating Rate Bonds, through Egnatia Finance PLC, which are listed on the Luxembourg Exchange: the former a 10-year Euro80 million bond (issued in May 2005) and the latter a 3-year Euro200 million bond (issued in August 2005). During 2005 the EGNATIA BANK Group received recognition for its infrastructure, its quality of service and its products (1st award in the European Banking Technology Awards, 2 awards in the Competition "The Teleperformance CRM Grand Prix 2005", the "ATHINA" Mutual Fund was ranked 2nd out of 61 in terms of performance and EGNATIA FINANCE firmly maintains its position among the top ten Stock Brokers on the basis of market share).