Insider Business Hellenic Bank posts profits of €89.4 m in first nine months 2019

Hellenic Bank posts profits of €89.4 m in first nine months 2019

Hellenic Bank on Monday announced after tax profits of €89.4 m for the first nine months of 2019 and said that with the completion of the integration of the former co-op it has embarked on a new era.

Hellenic said it was now the leading retail bank on the island with the largest branch network and with market shares of 38.5% and 29.8% in household deposits and loans, respectively.

It has a CET1 ratio of 19% and capital adequacy ratio of 21.5%, both significantly above minimum regulatory requirements.

Moreover, the NPEs ratio is 25.2% (or 31.8% including APS -NPEs) and Net NPEs to Assets ratio at 4.0% (or 6.6% incl. the APS-NPEs) reflecting what the bank said was a significantly de-risked balance sheet.

“Our nine-month 2019 financial results along with the resulting capital position demonstrate the robustness and solidity of the enlarged Hellenic Bank. Our business model is shaped to adapt with the rapid changes taking place, especially in the digital domain. Our plans aim in maintaining a sustainable profitability and in generating solid returns to our shareholders,” CEO Yannis Matsis said in a written statement.

“Following the successful integration of the ex-CCB business, we can focus all our efforts to grow the Bank and to enhance the franchise, within a sound control and governance framework,” he added.

Approved lending during 9M2019 reached €572.5 million, thus improving the bank’s loan market share from 19.5% as at December 31, 2018 to 21.1% as at September 30, 2019. At the same time,  HB is intensively working on normalising its balance sheet considering both organic and non-organic options for resolving the NPEs.

“To achieve our goals, we rely and invest heavily on 2 areas:   1. Our staff, which is the driving force of the Bank, aiming to further improve productivity and upgrade their well being, and, 2. Our Technology/Digitalization, aiming to radically transform clients digital experience and also simplify their time-consuming interaction with the Bank,” he said.

With the successful completion of the integration of the CCB business, Hellenic Bank has embarked on a new era, determined to continue its pivotal role in the growth of the real economy, supporting creditworthy Cypriot businesses and households with a comprehensive range of quality banking services.

“The focus of new loans will continue to be to companies that increase the competitiveness and productivity of the country, such as in the sectors of retail and commercial activities, manufacturing and tourism. At the same time, loans to private sector are geared toward mortgages, small loans to new customers and supporting current clients who are deemed viable. Moreover, we are examining the deployment of excess liquidity internationally,” the bank said.


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