Newsroom / CNA
Hellenic Bank posted after tax profits of €21 million for the first half of 2021.
In his first official statement, Chief Executive Officer, Oliver Gatzke, stated that "Hellenic Bank's stable performance continued, yielding a profit after tax of € 21.0 million", adding that "With a strong capital adequacy of 22% and excess liquidity (Liquidity Coverage Ratio 510%) we continued to successfully support the country's economy in difficult conditions during the first half of the year."
He emphasized that much progress has been made to date in modernizing and reshaping the bank, "nevertheless, accelerating our transformation is vital to unlocking our potential and achieving sustainable profitability," he concluded.
Total new loans amounted to €388 million in the first half of 2021 compared to €439 million during the same period last year.
The CEO also noted that the bank is working closely with its advisors to execute an MES package sale operation called "Starlight", which will reduce the number of older red loans and ultimately reduce risk on its balance sheet. The transaction is expected to be signed at the end of 2021 and its completion within 2022.
The bank maintains high capital ratios with the Category 1 Common Shares ratio index (CET1) at 19.68% and the Total Capital adequacy ratio at 22.2%.
NPLs at the end of June fell marginally to € 1.47 billion at the end of June or to 15.1% of total loans, excluding loans covered by the Asset Protection Program, with coverage ratio at 46.5%.
Moreover, new lending accelerated, with the total of new loans amounting to €388 million at the end of June, of which €222 million were in the second quarter of the year. 95% of the borrowers who came out of the moratorium on instalments repaid their loans.
According to the bank, total deposits amounted to € 14.5 billion at the end of June, compared to €14.2 billion at the end of 2020.
Gross loans at the end of June was at €6.69 billion showing a decrease of 2% compared to €6.80 billion at the end of 2020.
Total new loans amounted to €388 million in the first half of 2021 compared to €439 million during the same period last year.
