The bank said profit before provisions dropped 31% year-on-year to €89.5 million. In September 2012, Hellenic reported a net profit of €220,000. The lender’s net income fell 13% to €201.9 million. Hellenic said provisions for NPLs rose 130% to €166.5 million compared with €72.3 million in the third quarter of 2012. Accumulated provisions for impairment of loans and advances, which also include suspended interest that is not recognised in the Income Statement, amounted to €680.7 million on September 30, 2013 and represent 15.3% of total gross loans and advances.

Total gross customer loans and advances in Cyprus fell 5% to €4.4 billion, while total customer deposits in Cyprus amounted to €5.5 billion, down by 23% from December 2012. Hellenic said it also paid some 9.6 million euros as part of a voluntary retirement scheme.

The lender successfully completed its recapitalisation through private funds at the end of October, after three major investors poured in €100 million, taking 75% of the share capital. Cyprus-based online game developer and publisher Wargaming Net and American hedge fund Third Point got a 30% stake each by putting in €40 million apiece. Cypriot investment company Demetra received 15% with €20 million.

Source: Cyprus Mail