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Hellenic Bank reported a substantial profit of €365.4 million for the year 2023, marking a significant upswing from €21.8 million in 2022. The Return on Tangible Equity (ROTE) for 2023 soared to 28.7%, a stark contrast to the 2.0% recorded in 2022. The bank's total new lending for the year amounted to €1,204 million, with €219 million dedicated to green loans, constituting 18% of the total new lending.
In the capital arena, Hellenic Bank exceeded regulatory requirements, boasting Total Capital and Common Equity Tier 1 (CET 1) ratios of 25.0% and 19.5%, respectively. Adjusted capital ratios stood at 28.4% and 22.8%, further highlighting the bank's robust financial position.
Net interest income for 2023 surged to €536.3 million, a notable 78% increase from €300.9 million in 2022. The bank's net interest margin for the same period rose to 2.75%, driven by increased interest income on deposits and securities, partially offset by higher interest on the loan portfolio.
Customer deposits totaled €15.3 billion at the end of 2023, reflecting a 1% decrease in Q4 and a 4% decline since the close of 2022. Hellenic Bank maintained a deposit market share of 29.4%, comprising 37.3% from households and 19.8% from non-financial corporates.
Gross loans at the end of 2023 amounted to €6,166 million, showcasing an 11% decrease from year-end 2022, primarily due to the completion of Project Starlight. The bank's market share of loans stood at 25.8%, with a focus on providing loans to creditworthy companies and households.
The cost-to-income ratio for 2023 improved to 39%, compared to 85% in 2022, attributed to increased total net revenues and reduced expenses following the 2022 Voluntary Early Retirement Plan (VEPP).
Hellenic Bank's CEO, Mr. Antonis Rouvas, emphasized the bank's resilience in the face of challenges, citing strong results and recognition from international rating agencies. New lending, net interest income, and a focus on reducing non-performing loans were highlighted as key priorities for the bank.
Note: This article is based on Hellenic Bank's financial results for the year ended December 31, 2023.
