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Phivos Stasopoulos: We Are Extremely Well Positioned To Support Our Viable Clients

Phivos Stasopoulos: We Are Extremely Well Positioned To Support Our Viable Clients

Hellenic Bank stated a profit after tax of €40,0 million in the first nine months of 2020, according to the Group’s financial results. For the same period, the bank approved €712,3 million of new lending. Important progress was also maintained in the reduction of non-performing loans (NPEs) ratio to gross loans at 17.6%  and net NPEs to total assets ratio at 3.1%. Impairment losses, however, stood at of €49,7 million, which includes a €47,3 million charge related to COVID-19 impact. 

 

“The impact of Covid19 pandemic on the global economy and on people and businesses in Cyprus, has been unprecedented. We remain focused on working closely together with the Government and the Supervisory Authorities to ensure that we continue to support our customers in these extraordinary circumstances. Our role is now more critical than ever,” commented Phivos Stasopoulos, the Group’s Interim Chief Executive Officer. “Throughout this period, we continued placing utmost emphasis on protecting our employees and customers whilst continue servicing our customer base. From crisis onset, we successfully triggered our business continuity plan to serve and support our customers seamlessly. To this end, we continuously reassess the situation, adapt where needed, and take all necessary actions to best serve our customers.”

 

What is more, the Group demonstrated a robust liquidity position, with a Liquidity Coverage Ratio of 454% and a liquidity surplus of €5,4 billion.

 

“Our 9-month results demonstrate the resilience of our business model and the strength of our statement of financial position in the face of significant continued uncertainty.  With a robust capital adequacy ratio of 22,5% and excess liquidity (Liquidity Coverage Ratio of 454%), we are very well positioned to support our viable clients and finance the recovery of the country’s economy. New lending approved during 9M2020 reached €712 million. At the same time, we are working intensively on improving the quality of our statement of financial position through resolving and deleveraging our NPE exposures which are now down to 17,6% (NPEs ratio, excl. APS-NPEs),” Stasopoulos said.

 

“We remain committed to transforming the Bank into a modern customer-centric organization offering superior products and services and seamless experience for our customers,” he added. “We have, in parallel, intensified our efforts to educate and migrate our customers to our alternative channels. We are pleased to observe that our customers are embracing these efforts, as more than 80% of the total transactions are now completed through our alternative channels. I sincerely thank our Board of Directors and shareholders for their continuous support, empowerment and confidence shown to us, and assure them, that the whole team at Hellenic Bank remains fully committed to achieve its goals and strategic objectives. I also extend my great appreciation to our people for their strong commitment, especially during the last few difficult months.”

 

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