Insider Business Hellenic: Profits by Co-op bank’s absorption

Hellenic: Profits by Co-op bank’s absorption

Hellenic Bank’s fourth quarter 2018 financial results provide an initial but fairly indicative picture of how the absorption of Cyprus Co-op Bank will affect the lender’s income and, most probably, its profitability.

Hellenic’s total income in the fourth quarter of 2018 amounted to €107.4 million, while that of the quarters between January 2017 and June 2018 was €52 million on an average.

The biggest increase stems from the net interest income which amounted to €80.4 million, while the average quarterly was 31.5 million.

Income from fees and commission amounted to €16.9 million compared to €11 million while other income amounted to €10.1 million compared to €9.5 million on an average.

On the other hand, there was a rise on the expenditure side but at a much lower level. For example, staff costs amounted to €28.2 million in the fourth quarter compared to €20.8 million which was the average before the absorption of assets, liabilities and staff from Co-op bank.

Administration and other expenses were almost doubled and amounted to €34.2 million, but they also included €6.4 million related to the process of absorbing the acquired assets. In previous quarters, the average of these costs was €18.9 million.

With the percentage of Hellenic’s non-performing loans significantly declining and with the coverage ratio being particularly high, it is estimated that profitability will continue to improve in the coming quarters as the process of incorporating the former Co-op advances.

For the fourth quarter of 2018 the bank recorded profits of €24.1 million or 12 cents per share.

 

Read more:

https://in-cyprus.com/hellenic-bank-profits-and-lower-npes-in-2018/

 

 

 

 

 

 

 

 

 

 

 

 

 

Top Stories

After first rainfall, flamingos are back to Larnaca’s wetlands – PHOTOS

Winter in coastal Larnaca region’s wetland is never complete without a visit from the distinctive flamingos and true to form they are back again...

‘Apostle Pavlos’ special education school on alert, 37 covid cases recorded

‘Apostle Pavlos’ special education school in Liopetri went on alert after 37 people there tested positive to coronavirus late on Monday. Board chairman of the...

Attempted murder of foreign man outside his Strovolos home

Police are investigating a case of attempted murder after a 28-year-old foreign man was attacked late on Monday outside his home in Strovolos, Nicosia...

Trump administration gives green light to proceed with Biden transition

After weeks of waiting, President Donald Trump's administration on Monday cleared the way for President-elect Joe Biden to transition to the White House, giving...

Worldwide coronavirus cases cross 59.05 million

More than 59.05 million people have been reported to be infected by the novel coronavirus globally and 1,396,757​ have died, according to a Reuters...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...