Cyprus's Hellenic Bank posts 59.1 mln-euro profit after tax in H1

Source: Xinhua| 2019-09-27 21:37:18|Editor: xuxin
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NICOSIA, Sept. 27 (Xinhua) -- Hellenic Bank, Cyprus's biggest retail lender, recorded an after tax profit of 59.1 million euros for the first six months of 2019, Chief Executive Officer Ioannis Matsis said in a report on Friday.

Matsis pointed out that the six-month results partly reflect the benefits of the acquisition by Hellenic Bank of the good part of the nationalized Cyprus Cooperative Bank (CCB).

In its announcement, Hellenic Bank said it has a "strong capital position" as the Tier 1 Equity Index (CET1) stands at 18.5 percent and the Capital Adequacy Ratio at 21 percent, "well above the minimum requirements of the supervisory authorities."

Hellenic Bank was the less affected Cypriot lender by the 2013 resolution of the banking system as part of the bailout of the economy by the Eurogroup and the International Monetary Fund.

It also benefited by the acquisition of the CCB and its 400,000 mostly low-income customers.

Hellenic Bank said in the report that there has been a significant risk reduction in the bank's balance sheet after acquiring the operations of the CCB, noting that the Non-performing Loans Index (NPL) stood at 25.2 percent to its total loan portfolio.

"The significant reduction in the balance sheet risk, sustained and enhanced profitability as well as the strong capital position with the CET1 ratio at 18.5 percent prove that the enlarged Hellenic Bank has a solid, sustainable and a long-term business model that protects its customers' deposits and creates value for its shareholders." Matsis said in the report.

After months of painstaking work, Hellenic Bank completed at the beginning of this week the full integration of the customers of the former Cyprus Cooperative Bank into its own operations.

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