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Hellenic Bank announces €89.4m profit

Hellenic Bank CEO Ioannis Matsis

Hellenic Bank reported after tax profits of €89.4m for the first nine months of 2019 on Monday with the slogan Building a Strong Bank.

The strong results show a “robustness and solidity” of the enlarged Hellenic Bank, an announcement said.

The bank has a strong capital position with a CET1 ratio of 19.0 per cent and capital adequacy ratio of 21.5 per cent, significantly above minimum regulatory requirements.

It also has a much more risk-free balance sheet, since the NPEs ratio was at 25.2 per cent.

“Our business model is shaped to adapt with the rapid changes taking place, especially in the digital domain,” said Hellenic Bank CEO Yannis Matsis.

“Our plans aim in maintaining a sustainable profitability and in generating solid returns to our shareholders,” he added.

Matsis pointed out that “following the successful integration of the ex-CCB (co-ops) business, we can focus all our efforts to grow the Bank and to enhance the franchise, within a sound control and governance framework.”

Other highlights were profit after taxation at €30.2m, total new lending approved during 9M2019 reached €572.5m, NPEs provision coverage ratio at 64.8 per cent as of 30 September 2019.

They also pointed out that Texas ratio4 (excl. APS-NPEs) reduced to 82.1 per cent, the cost to income ratio for 9M2019 stood at 67.3 per cent, the robust liquidity position with a Liquidity Coverage Ratio of 537 per cent, deposit funded with deposits accounting for 89.6 per cent of total assets, and a loans to deposits ratio of 41.5 per cent, enabling further business expansion.

According to an announcement, Hellenic is the leading retail bank on the island with the largest branch network and with market shares of 38.5 per cent and 29.8 per cent in household deposits and loans, respectively.

 


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