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Hellenic Bank Releases Financial Results For 2020

Hellenic Bank Releases Financial Results For 2020

Commenting on the Group’s financial results, Phivos Stasopoulos, the Group’s Interim Chief Executive Officer, stated: “Hellenic Bank has demonstrated exemplary resilience and strength, during an extraordinary year due to the pandemic. 2020 was a real-time stress test for just about every corporation in almost every industry in the world.


Throughout this period, we continued placing utmost emphasis on protecting our employees and our customers whilst continuing to service our customer base. From the onset of the crisis, we successfully triggered our business continuity plans to deal with the unprecedented health crisis and to continue providing full service. To this end, we continuously reassess the situation, and adapt where needed, by taking any necessary action. 


Our 2020 financial results demonstrate the robustness and resilience of our business model and financial position, in the face of significant and persisting uncertainty.  With a solid capital adequacy ratio of 22,34% and excess liquidity (Liquidity Coverage Ratio of 477%), we are very well positioned to support our viable customers and finance the recovery of the country’s economy. New lending during 2020 exceeded €1 billion making it a record year for Hellenic Bank. The solid performance of 2020 delivered an after-tax profit of €50,5 million.  At the same time, we have been working intensively on improving the quality of our portfolio through resolving and deleveraging our NPE exposures which have been reduced to 15,7% (NPEs ratio, excl. APS2-NPEs).      


We remain committed to transforming the Bank into a modern customer-centric organization offering seamless experience to our customers and value-adding products and services. We put great emphasis in educating and migrating our customers to alternative channels and we are very pleased to see that they embraced this digital transformation effort as more than 85% of total transactions are executed through 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 each and every member of the big Hellenic Bank family, to our people, for their strong commitment, resilience and hard work during these unforeseen and exceptional circumstances."



Other key highlights:

FY2020 Net interest income of €285,5 million

FY2020 Profit before impairment losses of €125,7 million

FY2020 Impairment losses of €67,0 million (includes a €43,3 million charge4 related to COVID-19 impact)

Total new lending approved during 2020 reached €1.040,8 million

NPEs provision coverage ratio at 58,9% (excluding the NPEs covered by the APS agreement) as at 31 December 2020

FY2020 cost to income ratio of 67,9%

Robust liquidity position, with a Liquidity Coverage Ratio of 477% and a liquidity surplus of €5,5 billion

Net loans to deposits ratio of 43%, enabling further business expansion

Solid, stable, primarily retail deposit base.


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