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Hellenic Bank posts €95.5 million first-half losses

By Angelos Anastasiou

Hellenic Bank announced €95.5 million in losses for the first half of 2014 on Friday, due to a spike in provisions by 105 per cent and increased taxation.

However, the Bank recorded an increase of 46 per cent from operations before provisions, to €87 million for the period, compared to €59.6 million during the same period last year.

Hellenic raised provisions to €194 million from last year’s €94.6 million.

Board chairwoman Irena Georgiadou said the Cyprus economy and public were facing an unprecedented crisis, and stressed Hellenic Bank’s commitment to catalysing economic recovery.

She noted that the bank had complied with regulatory capital requirements.

“In anticipation of the stress tests, the bank is reviewing options on capital issues, and has commissioned the Rothschild Group to evaluate the matter,” Georgiadou said.

With regard to non-performing loans, she remarked that the issue is being addressed responsibly and with sensitivity to the public’s vulnerable groups.

“We remain committed to supporting the Cyprus economy, and in that sense we are thrilled with the fundamental role we are playing in the recovery of the economy,” she said. “At present we are in the process of revising our strategy, and to that end we are cooperating with the Roland Berger consultancy.”

Meanwhile, the decrease of the Bank of Cyprus nominal share value from €1 to €0.10 was approved by the Nicosia District court, the bank announced on Friday.

Court approval follows Thursday’s vote in favour of the decrease in the share’s nominal value by the bank’s shareholders in an Extraordinary General Meeting.

The bank will submit the court decision to the Department of the Registrar of Companies and Official Receiver.

 

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