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Hellenic Bank profits jump to €295.9 million because of co-op

December 19, 2018 at 10:22am
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Hellenic Bank on Wednesday announced after tax profits of  €295.9 million in the first nine months of 2018, due mainly to the absorption of the co-op.

The nine month 2018 profit after tax includes a negative goodwill of €297.9 million as a result of the acquisition. Excluding the  negative goodwill and other one-off items, the adjusted profit before provisions for the 3rd quarter period was €23 million, compared to €9.2 million in the second quarter, Hellenic said.

Hellenic said it has a CET1 ratio is 18.2% and a capital adequacy ratio of 20% taking into account the €150 million fully underwritten capital raise, expected to be completed by March 2019.

Market share in household deposits is 39% and market share in household loans is 30%,  making it the island’s leading retail bank, it added.

Hellenic said that its quarter-on-quarter, NPEs ratio fell from 51.6% to 25.6% and its Net NPEs to Assets ratio was down from 12% to 4%.

“Our profitability and resulting capital position further safeguards our depositors and creates shareholder value. The acquisition of ex CCB strengthens our business model and propels the Bank into consistent, healthy profitability,” said CEO Yiannis Matsis.

“This enables us to focus on our mission, which is to provide an excellent service to our enlarged customer base and to continue financing the growth of the real economy. I am particularly happy that the strategic steps and the corrective actions we have been taking over the last few quarters are yielding results,” he added.

“In welcoming all ex-CCB customers to the Hellenic Bank family, I would like to assure you that, the whole team at Hellenic Bank is on your side and remains committed to best serve you. Finally, I extend my sincere gratitude to each and every one of my colleagues for their continuous hard work,” he concluded