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HB Records Profit After Tax of €14.9M in Q1 2019

HB Records Profit After Tax of €14.9M in Q1 2019

Hellenic Bank has released its financial results for Q1 2019 recording profit after tax of €14,9 million. It is now the leading retail bank on the island with the largest branch network and with market shares of 38.9% and 29.7% in household deposits and loans, respectively. It has successfully completed a share capital raise of €150 million.

It has also recorded Robust Capital Position of CET1 ratio of 18.54 and Capital adequacy ratio of 21.16, well above minimum regulatory requirements.

Following the acquisition, the balance sheet is significantly de-risked. NPEs ratio at 26.5% (or 32.6% incl. the APS2-NPEs), and Net NPEs to Assets ratio at 4.2% (or 6.9% incl. the APS2-NPEs) compared to 11.7% in June 2018.

The CEO of Hellenic Bank, Yannis Matsis, stated: “The acquisition of CCB operations and the simultaneous de-risking of our balance sheet and business model established Hellenic Bank as the strongest and most viable Bank in Cyprus, safeguarding our depositors’ assets, generating value to our shareholders and providing good quality products and services to all our customers.

The financial results of the first quarter of 2019 prove that the now enlarged Hellenic Bank is performing at much better rate compared to the equivalent first quarter results of 2018.

In the meanwhile, we are excited to continue pursuing our growth strategy through financing the growth of the economy. The approved total new lending for the first quarter reached €177,2 million, higher again than the respective quarter of the previous year. Also, we intensively focus on improving the quality of assets on our balance sheet through resolving and deleveraging our NPE exposures.  Our investment in our subsidiary loan servicer, APS, is yielding results.

The integration process is on track and I am confident that it will be effectively completed by the end of the year, within our target.

I would like to assure all our shareholders and customers that, the whole team at Hellenic Bank remains committed and fully focused to our target, to generate high return on equity and to provide an exceptional service to our customers.

Finally, I extend my sincere gratitude to each and every one of my colleagues, and of the Board of Directors, for their continuous hard work and commitment.”


Other key highlights:

1Q2019 Profit before provisions of €35.9 million, and 1Q2019 Profit after taxation of €14.9 million. 
Total new lending approved during 1Q2019 reached €177.2 million.
The NPEs provision coverage ratio stood at 55.2% as at 31 March 2019 (31 December 2018: 54.6%), while excluding the NPEs covered by the APS agreement is adjusted to 66.2% (31 December 2018: 65.4%).
Texas ratio (excl. APS-NPEs) reduced to 87%.
The cost to income ratio for 1Q2019 has slightly improved to 63.9%, compared to 64.1% in 4Q2018.  
Robust liquidity position, with a Liquidity Coverage Ratio of 536%.


Customer centric approach and smooth integration procedure: As the biggest retail bank on the island, our mission is to provide an excellent service as well as competitive products and solutions to our enlarged customer base and to also continue financing the growth of the real economy.

Our aim is to continue our pivotal role in the growth of the real economy, supporting creditworthy Cypriot businesses and households with a comprehensive range of quality banking services.

The swift and seamless transition to the new era as well as the successful integration of the acquired CCB business is our strategic priority. A full-scale integration plan is currently meticulously implemented, having the full commitment and support of the Board of Directors, the Executive Management and the Staff of Hellenic Bank.


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