Cyprus Mail

Hellenic posts Q3 net loss of 87.2m euros

HELLENIC BANK on Monday reported a third quarter net loss of €87.2 million as net income dropped and provisions for non performing loans (NPLs) more than doubled compared with Q3 2012.

The bank said profit before provisions dropped 31 per cent year-on-year to €89.5 million.

In September 2012, Hellenic reported a net profit of €220,000.

The lender’s net income fell 13 per cent to €201.9 million.

Hellenic said provisions for NPLs rose 130 per cent to €166.5 million compared with €72.3 million in the third quarter of 2012.

Accumulated provisions for impairment of loans and advances, which also include suspended interest that is not recognised in the Income Statement, amounted to €680.7 million on September 30, 2013 and represent 15.3 per cent of total gross loans and advances.

Total gross customer loans and advances in Cyprus fell 5 per cent to €4.4 billion, while total customer deposits in Cyprus amounted to €5.5 billion, down by 23 per cent from December 2012.

Hellenic said it also paid some 9.6 million euros as part of a voluntary retirement scheme.

The lender successfully completed its recapitalisation through private funds at the end of October, after three major investors poured in €100 million, taking 75 per cent of the share capital.

Cyprus-based online game developer and publisher Wargaming Net and American hedge fund Third Point got a 30 per cent stake each by putting in €40 million apiece. Cypriot investment company Demetra received 15 per cent with €20 million.

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