Cyprus Mail

Hellenic Bank announces 2014 losses, new interest rates

Hellenic Bank on Friday announced an operating profit before provisions of €158 million for 2014, an increase of 22 per cent on 2013, the bank said. The year ended with losses of € 119 million, however.

It said that according to the preliminary results, at end of 2014 the bank’s Core Tier I ratio stood at 13.5 per cent and deposits had increased by 15 per cent.

Non-performing loans remained stable and stood at 56.6 per cent, the bank said, while provisions covering non-performing loans reached 47.5 per cent, the bank said.

It said its primary objectives for 2015 were the effective management of NPLs and the expansion of its loan portfolio.

“With comfortable liquidity on hand, Hellenic Bank intends to play a leading role in the recovery of the real economy by funding viable businesses and households with new credit facilities,” it said.

The bank also announced further reductions in home mortgage rates. It said interest rates on new mortgages would be reduced, by 1.35 per cent, from March 1.

There would also be reduced rates for the purchase of land and for car loans.

Further to the reduction of 1 per cent on existing loans priced at the bank’s base rate, from March 1, it said there would be new interest rate reductions on new housing and loans for the purchase of residential land and cars.

Interest rates on new mortgages would benefit from a further reduction of around 0.35 per cent. Specifically, the banks said, the interest rate for the Foundation Housing Loan would start at 3.4 per cent, and the rate for the purchase of land from 3.7 per cent with further reductions in cases where the construction of a residence follow. In an effort “to further provide households with breathing space”,  the bank announced new interest rates for new and used cars of 4.74 per cent and 6.74 per cent respectively.

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