Excluding the negative goodwill and non-recurring elements relating to the acquisition, profit before provisions was €23m in the third quarter of the year, compared with €9.2m the previous quarter.

The lender’s Non-performing exposures ratio dropped in Q3 to 25.6%, from 51.6% in Q2. The net NPEs to assets ratio fell from 12% to 4%.

Common Equity Tier 1 was 18.2% while its capital adequacy ratio reached 20.9%, taking into account a €150m fully underwritten capital raise, expected to be completed by March 2019.

“Our profitability and resulting capital position further safeguards our depositors and creates shareholder value,” Hellenic Bank CEO Yiannis Matsis said. “The acquisition of ex CCB strengthens our business model and propels the Bank into consistent, healthy profitability.”

Following the acquisition of the CCB, Hellenic is now the leading Retail Bank on the island with market share in household deposits of 39% and market share in household loans of 30%.

Source: Cyprus Mail