ECONOMY

Losses for ATEbank, Hellenic Postbank

One after another, banks are reporting significant losses in their 2010 results, although ATEbank said on Wednesday it was not as deep in the red as it had been in 2009.

State-owned ATEbank posted losses of 438.1 million euros for 2010, down from 451.7 million euros in 2009.

The bank had failed the European stress test in the summer and was forced to perform a share capital increase of 1.26 billion euros and to prepare an extensive restructuring plan that it has already submitted to the European Commission for approval.

The plan provides for drastic cost-cutting with the restructuring of the bank?s branch network and the containing of other operating expenses, as well as for the immediate sale of subsidiaries and other holdings.

The ATEbank group?s assets declined by 4.8 percent year-on-year to 31.2 billion euros, while loans issued dropped by 3.4 percent to 21.2 billion euros.

The other major state-owned lender, Hellenic Postbank, reported after-tax losses on Wednesday of 32.93 million euros in 2010, against earnings of 22.65 million the year before.

T Bank saw its losses in 2010 climb to 71.3 million euros, up from 61.8 million in 2009.

Also on Wednesday Marfin Investment Group announced that its losses in 2010 amounted to 1.86 billion euros, while its group sales reached 1.492 billion, which constitutes a 13.4 percent increase from the year before.