Hellenic Bank sees profits jump
Hellenic Bank, Cyprus’ second largest lender, reported a profit of 55.4 million euros for the first half of 2022, compared to a profit of €21 million in the corresponding half of 2021.
Total new loans made in Q2 2022 amounted to €287 million, compared to €269 million in Q1 of 2022 and a total of €556 million in the first half of 2022, an increase of 43% compared to new lending for H1 of 2021 (€388 million). The bank continued to provide lending to solvent businesses and households while focusing on managing early delinquencies.
The net loan-to-deposit ratio was 41% at end-June 2022 (against 40% on December 31, 2021). The increase in the ratio is mainly due to an increase in loans to customers as a result of the acquisition of part of the performing loan portfolio of RCB Bank in H1 2022.
Nonperforming loans, including loans held for sale, amounted to €1.366 billion on June 30, down 3% from €1.414 billion on December 31, 2021. Adjusted for portfolios held for sale, NPLs amounted to €646 million on June 30, compared to €650 million on December 31. As of June 30, customer deposits amounted to €15.5 billion (€14.9 billion in December) and increased 3% year-on-year.
