Hellenic Bank posts big profit
Hellenic Bank has announced a profit of 76.4 euros million for the first nine months of 2022. According to the group financial results for the nine-month period, which ended on September 30, there is a solid capital position with a pro forma CET1 ratio of circa 18.7% and a capital adequacy ratio of circa 21%, significantly above the minimum regulatory requirements.
The bank also noted its “de-risked balance sheet,” saying that its pro forma nonperforming exposures ratio was 10.2%, while excluding the NPEs covered by debt servicer APS, it was just 3.8%.
As for Project Starlight – i.e. the agreement to sell circa €700 million worth of NPEs and APS – the bank notes it is expected to be completed in early 2023.
In a press release, Hellenic Bank also highlights the 2022-2024 Strategic Plan to transform and address structural challenges on track, focusing on digitization and cost control, and notes the successful completion of the voluntary early exit scheme, with approximately 450 employees leaving.
Chief Executive Officer Petros Arsalides said that profits reflect “higher income and loan impairment reversals.”
