The strong results show a “robustness and solidity” of the enlarged Hellenic Bank, an announcement said.

The bank has a strong capital position with a CET1 ratio of 19.0% and capital adequacy ratio of 21.5% significantly above minimum regulatory requirements.

It also has a much more risk-free balance sheet, since the NPEs ratio was at 25.2%.

“Our business model is shaped to adapt with the rapid changes taking place, especially in the digital domain,” said Hellenic Bank CEO Yannis Matsis.

“Our plans aim in maintaining a sustainable profitability and in generating solid returns to our shareholders,” he added.

Matsis pointed out that “following the successful integration of the ex-CCB (co-ops) business, we can focus all our efforts to grow the Bank and to enhance the franchise, within a sound control and governance framework.”

Other highlights were profit after taxation at €30.2m, total new lending approved during 9M2019 reached €572.5m, NPEs provision coverage ratio at 64.8% as of 30 September 2019.

They also pointed out that Texas ratio4 (excl. APS-NPEs) reduced to 82.1%, the cost to income ratio for 9M2019 stood at 67.3%, the robust liquidity position with a Liquidity Coverage Ratio of 537%, deposit funded with deposits accounting for 89.6% of total assets, and a loans to deposits ratio of 41.5%, enabling further business expansion.

According to an announcement, Hellenic is the leading retail bank on the island with the largest branch network and with market shares of 38.5% and 29.8% in household deposits and loans, respectively.

Source: Cyprus Mail