The Hellenic Bank has announced that it has posted a profit of €59.1 million after tax in the first half of this year with CEO Yiannis Matsis noting that the results reflect part from the benefits from the acquisition of the operations of former Cyprus Cooperative Bank.
In an announcement available at the Cyprus Stock Exchange the bank points out its strong capital Position with a CET1 ratio of 18.51 and capital adequacy ratio of 21.0%1, which is “well above minimum regulatory requirements.”
Following the acquisition, it says, the “balance sheet is significantly de-risked,” pointing out its NPEs ratio which is at 25.2% (or 31.4% incl. the APS2-NPEs), and Net NPEs3 to assets ratio at 4.1% (or 6.7% incl. the APS2-NPEs).
In a statement, Hellenic Bank’s CEO Yannis Matsis notes that “our six-month results reflect part of the benefits from the acquisition of the ex CCB operations.”
“A significantly de risked balance sheet, enhanced and sustained profitability and a strong capital position with a CET1 ratio of 18.5% prove that the enlarged Hellenic Bank has a solid, viable, long term business model, that safeguards our depositors and creates shareholder value.”
According to Matsis “the biggest achievement for 2019 is the successful, on time and on budget, completion of the ex CCB system data and client accounts integration process that started 1 year ago.”
The bank has recorded a profit before provisions of €33.8 million for the second quarter of 2019 and of €44.2 million after tax.
Approved new lending during the first half of 2019 is in the order of €387.6 million.
NPEs provision coverage ratio stood at 64.0% as at 30 June 2019, (or 52.9% including the APSNPEs).
The Texas ratio4 (excl. APS-NPEs) was reduced to 84.2%.
The cost to income ratio for the first six months of this year stood at 65.1%.
The bank, the press release says, is in a “robust liquidity position, with a liquidity coverage ratio of 585%”. It is deposit funded, with deposits accounting for 89.9% of total assets.
The loans to deposits ratio is 42.0%, “enabling further business expansion.”