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Profits of €93.3 million for Hellenic in the first quarter

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Κδη εκα ελνι κτοπροτρμηνο /></p> <p> </source> </p> <p>Profit for the 1st quarter of 2024 of €93 million showed the results of Hellenic Bank.</p> <p>An increase in profits for the quarter of 2024, Hellenic Bank announced, and amounted to €93.3 million compared to a profit of €69.7 million last year. and €124.8 million in the fourth quarter of 2023. The announcement states that the bank is focused on retail banking with a stable customer base and has a significant market share among households (36% in deposits and 33% in loans). New borrowing was €208m for Q1 2024, down 34% year-on-year reflecting market conditions and in line with prudent underwriting standards. The NPL ratio is at 2.5%, with the NPL provision coverage ratio at 42% and the net NPL coverage ratio with collateral at 139%, and 99.7% of new lending after 2018 is serviceable.</p> <p>Commenting on the Group's results for the quarter ending March 31, 2024,   <strong>Antonis Rouvas, Interim Chief Executive Officer of the Group</strong>, stated among other things</p> <p>2024 has begun strong for Hellenic Bank, recording profits of €93.3 million for the first quarter, mainly due to higher revenues. </p> <p>The results demonstrate the resilience and potential of our business model despite the ongoing challenges and uncertainty stemming from the geopolitical and economic environment. 2024 is characterized by two milestone achievements for our Group: Firstly, after long negotiations and the mediation proposal of the Minister of Labor and Social Insurance, there is a framework agreement for the renewal of the collective agreement between the Bank and ETYK.</p> <p> < p>This allows us to focus on the implementation of our Strategic Plan, at the same time as transforming and continuously innovating the Bank, prioritizing a customer-centric approach and accelerating digital transformation. The second, but equally important, development concerns the Bank's agreement with CNP Assurances for the subsidiary of CNP Cyprus Insurance Holdings Limited, which operates in Cyprus and Greece. This will allow Hellenic Bank to significantly strengthen its insurance activities and become a leading financial group with a strong presence, both in the banking and insurance sectors in Cyprus. This transaction is a perfect fit with our business model and offers significant synergies and growth opportunities, enhancing the products and services offered to our broad customer base. </p> <p>Upon completion, Hellenic Bank is expected to have a leading position in the Cypriot insurance market, with market shares of approximately 30% and approximately 23% in the life and general insurance sectors, respectively.” Regarding developments in the shareholding structure, it is noted that Eurobank has agreed to acquire an additional stake of 26.1%, which, after approval by the supervisory authorities, will increase its stake to 55.3% and, according to the Public Takeover Proposals Law of 2007), Eurobank should proceed immediately with a mandatory offer for all remaining shares.</p> <p><noindex></p> <div class=Source: www.philenews.com

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