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Next With a profit of € 25.1 million for the 1st quarter, Hellenic Bank HOME • INSIDER • BUSINESSES • With a profit of € 25.1 million for the 1st quarter, Hellenic Bank
Despite the slowdown in economic activity, the financial results of the first quarter of 2022 show the resilience and robustness of our business model, says Oliver Gatzke, Chief Executive Officer of Hellenic Bank .
Basics of the 1st quarter
• Profits of € 25.1 million for the 1st quarter of 2022
< p>• Fixed Capital base: Adjusted2 Class 1 Common Share Capital Index (CET1) 19.1%, & nbsp; and Adjusted2 Capital Adequacy Ratio 21.4% 1.2, which significantly exceed the minimum requirements of the supervisory authorities
• Balance sheet risk reduction: The adjusted2 MEX Index was 10.4% and the adjusted & nbsp; GPA index excluding GPAs, covered by the PPP, at approximately 3.6%
• Project Starlight: Agreement for the sale of a € 0.7 billion MEX loan portfolio and APS Dept Servicer
• 2022-2024 Strategic Transformation Plan to address structural challenges with an emphasis on digitization
• Climate and Environment Action Plan with clear objectives and specialized ESG Department.
Commenting on the Group's results for the quarter ended March 31, 2022, Mr. Oliver Gatzke, Chief Executive Officer Director of the Group, stated:
“In the last four months, significant changes have taken place worldwide. Despite the gradual return to normalcy and the weakening of the effects of the Covid 19 coronavirus, market instability remains high due to the war in Ukraine, geopolitical uncertainty and supply chain disruptions that are driving inflation to very high levels. This is why we remain cautious and very cautious about the challenges we face.
Despite the slowdown in economic activity, the financial results of the first quarter of 2022 show the resilience and robustness of our business model. With a strong capital adequacy of 20.53%, well above regulatory requirements and excess liquidity (Liquidity Coverage Ratio 433%), we are in a very good position and remain, as always, committed not only to supporting our retail customers in this difficult period, but also of business clients, providing financing in sectors that increase, at the same time, the competitiveness and productivity of the economy. For example, these sectors could be health, education, energy, technology, hospitality, transportation and shipping. In the first quarter of 2022 € 269 million were allocated & nbsp; in new loans, much more than the corresponding period of 2021, when new borrowing amounted to € 166 million.
In the first quarter of 2022, we had profits of € 25.1 million after tax, mainly due to the release of collateral related to COVID-19. At the same time, we work steadily and intensively to improve the quality of our portfolio. The Project Starlight agreement for the sale of a non-performing loan portfolio of € 0.7 billion and the agreement with RCB for the acquisition of a portfolio of non-performing loans significantly reduced the GNI index to around 3.6% (adjusted), from the lowest levels between bond banks. The transaction with RCB increases the Bank's customer base in the business sector, providing cross selling opportunities and improving operating income with higher interest income.
Prospects: Transformation and ESG
Hellenic Bank has already started a three-year transformation plan. The goal is to & nbsp; unlock all our potential and develop our strategy to achieve sustainable profitability. We are in the process of transforming the Bank into a customer-centric organization, improving the customer experience through & nbsp; digitizing, streamlining our processes and offering simple and competitive products. At the same time, we are strengthening the profile of our loan portfolio with a healthy expansion, emphasizing the ESG (Environment, Society, Governance) triptych.
The main axis of this transformation is the reduction of costs, with the restructuring of the size of the Bank. The reduction of the Bank's high expense/income ratio, a significant part of which is staff costs, which account for about 50% of total costs, remains crucial to the success of the entire transformation effort.
We underline our unwavering commitment to the signing of a new collective agreement that will reflect the necessary cost reductions, the gradual implementation of merit-based remuneration, in line with international best practices and the harmonization of former colleagues' salaries./p>
I really hope that the leadership of the Guild will rise to the occasion and show a constructive and positive approach, for the benefit of the employees, while ensuring a healthy and robust Organization in the future.
I would like to sincerely thank the Board of Directors and our shareholders for the continuous support and trust they show us and to assure them that the Hellenic Bank family remains fully committed to achieving our strategic goals. “
< b> Other basics:
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Net interest income for the first quarter of 2022 at € 62.1 million
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Impairment losses reversal for the first quarter of 2022 to € 9.1 million