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ECONOMY

Hellenic Bank Group Financial Results for The Nine-Month Period Ended 30 September 2019

Hellenic Bank Group Financial Results for The Nine-Month Period Ended 30 September 2019
On 3 September 2018 the Bank announced the completion of the acquisition of certain assets and liabilities of the Cyprus Cooperative Bank Ltd (“CCB”), referred to as Cooperative Asset Management Company Ltd (the “ex-CCB”), with effect from 1 September 2018. As from that date, the financial results of the CCB business acquired are fully consolidated. Nevertheless, the financial results of the Group for the 9-month period of 2019 are not fully comparable with the 9-month period of the 2018 financial results, since the consolidated results for 2018 only capture one-month’s impact of the acquisition.
 
Capital

CET1 ratio of 19,04%  and Capital adequacy ratio of 21,53%1

Capital ratios significantly above minimum capital requirements and compare favorably with EU average, underpinning the Bank’s business plan and providing optionality for NPE resolution

Loan Portfolio Quality 
 
NPEs ratio (excl. APS-NPEs) at 25,2% (or 31,8% incl. APS-NPEs)

Net NPEs  to Assets (excl. APS-NPEs) at 4,0% (or 6,6% incl. APS-NPEs)

Texas ratio  (excl. APS-NPEs) reduced to 82,1%

Major program to enhance organic and develop non-organic options for resolving NPEs

 
Liquitidy and Funding
Robust liquidity position, with a Liquidity Coverage Ratio of 537%

Loans to deposits ratio of 41,5%, enabling business expansion

Substantial deposit base, comprising 89,6% of total balance sheet

Performance 

3Q2019 Net interest income of €76,0 million 

3Q2019 Profit after taxation of €30,2 million; 9M2019 Profit after taxation of €89,4 million 

9M2019: NIM of 193 bps, Cost to income ratio of 67,3% and ROTE of 13,2%

9M2019 EPS of 25,4 cents and Tangible Net Asset Value per share (TNAV) of €2,45 as at 30 September 2019

Strengthened Franchise in a Growing Economy 

Leading retail bank, with the largest branch network and with market shares of 38,5% and 29,8% in household deposits and loans, respectively

A significantly strengthened franchise, with an enlarged and diversified customer base, a more balanced loan portfolio and a significantly de-risked, well capitalized balance sheet – credit rating upgrades by major international credit rating agencies

Successful integration of the acquired CCB business on 16 September 2019

Well positioned for future challenges and opportunities in a growing economy; Cypriot economy expected to grow by 3,2% during 2019

 

Commenting on the Group’s financial results, Υannis Matsis, the Group’s Chief Executive Officer, stated:

«Our nine-month 2019 financial results along with the resulting capital position demonstrate the robustness and solidity of the enlarged Hellenic Bank.  Our business model is shaped to adapt with the rapid changes taking place, especially in the digital domain.  Our plans aim in maintaining a sustainable profitability and in generating solid returns to our shareholders.

Following the successful integration of the ex-CCB business, we can focus all our efforts to grow the Bank and to enhance the franchise, within a sound risk control governance framework.

We continue proving credit in a growing economy, by supporting all our viable clients, individuals, households and businesses alike. Approved lending during 9M2019 reached €572,5 million, thus improving the Bank’s loan market share from 19,5% as at 31st December 2018 to 21,1% as at 30th September 2019. At the same time, we are intensively working on normalizing our balance sheet considering both organic and non-organic options for resolving the NPEs. 

To achieve our goals, we rely and invest heavily on 2 areas:   1. Our staff, which is the driving force of the Bank, aiming to further improve productivity and upgrade their wellbeing, and, 2. Our Technology/Digitalization, aiming to radically transform clients digital experience and also simplify their time-consuming interaction with the Bank.

I would like to sincerely thank our 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 thank our customers who trust in doing business with us, our staff for their sacrifices, especially during last year, and all other stakeholders who interact with us»

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