Cyprus Mail
Cyprus

Hellenic Bank posts €320m in 2018

Hellenic Bank said Thursday it had recorded a net profit of €320m in 2018 mainly on the positive impact of the negative goodwill of €297,9m stemming from the acquisition of the co-op bank.

In the fourth quarter of 2018, the lender said it has generated a €24.1m net profit, €38.5 before impairments.

In a statement, it said its balance sheet has been de-risked substantially and the end of 2018 saw an improvement in the quality of its loan portfolio.

Non-performing exposures (NPEs) dropped significantly, from 51.6 per cent in June 2018, to 26.5 per cent at the end of the year.

The ratio of net NPEs to assets fell from 11.7 per cent to 4.3 per cent.

“The acquisition of CCB business established Hellenic Bank as the leading retail and SME bank in Cyprus whilst simultaneously de-risking our balance sheet and business model,” Hellenic CEO Yiannis Matsis said. “The profitability and resulting capital position safeguards our depositors and creates shareholder value.”

Hellenic said its CET1 ratio after the completion of a €150m capital raise was 19 per cent and its capital adequacy ratio 21.7 per cent, which was well above the minimum regulatory requirements.

 

 

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