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Loss of € 11.7 million in '21 for Elliniki

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EXCLUSIVE COOPERATION

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TOGETHER

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Next Damage € 11.7 million in ΄21 for HELLENIC HOME • INSIDER • BUSINESS • Loss of € 11.7 million in ΄21 for Hellenic

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& nbsp & nbspInsider & nbsp; & nbsp;

Stable capital base and gradual return to a healthy upward trend showed the financial results of the Hellenic Bank group.

Specifically, the group presented a loss of € 11.7 million for the year 2021 mainly due to the extraordinary impairment losses from Project Starlight. Category 1 Common Equity Index (CET1) 19.3% 1 and Capital Adequacy Ratio 21.7% 1, exceeding the minimum requirements of the supervisory authorities was 14.4% and the revamped2 MEX Index to approximately 3.4% (excluding MEXs covered by the PPP).

READ ALSO: & nbsp; Moody's upgraded Hellenic Bank b>

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Project Starlight: Sale of € 0.7 billion MEX loan portfolio

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; 2022-2024 Strategic Transformation Plan with Emphasis on Digitization

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Climate and Environment Action Plan launched in 2021 with clear objectives and a specialized ESG Department (Environment, Society, Governance).

Commenting on the results of the Group for the year ended December 31, 2021, Mr. Oliver Gatzke, Chief Executive Officer of the Group, said:

In 2021, despite the challenges posed by the pandemic and its consequences We saw a strong economic recovery, which was boosted by the government's fiscal package. At Hellenic Bank we managed to show resilience and flexibility under unprecedented conditions and I am proud of my colleagues, who stood up to the circumstances and adapted to the new data.

From the beginning of the pandemic we have remained committed to supporting our customers and working with them to provide them with the appropriate financial solutions in this demanding environment. The Bank stands by its customers in these very difficult times and in 2021 supported the financial recovery by granting € 908 million in new loans while it had net interest income of € 256 million and total non-interest income of the Group € 103 million. in 2021.

The losses for the year 2021 amounted to € 11.7 million mainly due to the extraordinary impairment losses arising from Project Starlight, which concerns the forthcoming sale of a loan portfolio of € 0.7 billion of non-performing loans. The sale of this portfolio will lead to a drastic improvement in the quality of our assets with the FDI being reduced to less than 5% (pro forma), excluding the FDI covered by the PPP.

With a strong capital adequacy of 21.7% and excess liquidity (Liquidity Coverage Ratio 499%) at the end of 2021 we remain committed to supporting our customers and providing financing in areas that increase the competitiveness and productivity of the economy, such as health, education, energy, technology, hospitality, transport and shipping. This was all the more evident with the recent announcement of the acquisition of a portfolio of serviced business facilities amounting to € 556 million by RCB Bank, in full alignment with our development strategy to strengthen our customer base and our revenues from our sound portfolio./p>

At the same time, we recognize and remain wary of the negative effects of & nbsp; war in Ukraine, possible inflationary pressures due to higher prices for fuel, raw materials and agricultural products, while the uncertainty caused by the ongoing pandemic remains.

Transformation Plan – The Way Forward

In 2021, under new leadership and a simpler and more efficient management structure, we embarked on our journey of transformation, accelerating our efforts to 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, putting the customer at the center of our attention, improving its experience through & nbsp; digitizing, streamlining our processes and offering simple and competitive products. We want to strengthen the profile of our loan portfolio with a healthy expansion, emphasizing the ESG (Environment, Society, Governance) triptych.

Cost reduction and restructuring of the Bank are some of the key elements of our three-year Transformation Plan. In particular, the reduction of our Bank's high expense/income ratio remains crucial and must be tackled with determination. We focus our efforts both on increasing interest income, through new loans and through the creation of various income, as well as on withholding all operating expenses. However, the most effective way to reduce the expense/income ratio is to reduce the overall payroll costs with the required reductions in staff numbers but also with more rational salary increases in the future. We do our best to agree on a mutually beneficial collective agreement for our staff and at the same time to keep the Bank on a steady and sustainable course. I really hope that the leadership of the Guild will stand up to the circumstances and will show a constructive attitude, for the benefit of our employees.

In closing, I would like to thank our shareholders for their continued support and trust and assure them that the Hellenic Bank team remains committed to achieving our strategic goals. Above all, however, to express my appreciation to all the staff members for their hard work and dedication to these demanding moments.

Other key facts:

• & nbsp; & nbsp; & nbsp ; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Net interest income for 2021 at € 256.0 million

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Impairment losses for 2021 at € 108.4 million

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; The new loans approved in 2021 amounted to € 908 million & nbsp;

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; FDI coverage ratio at 53% & nbsp; on December 31, 2021, while excluding MECs covered by the PPP, the index is adjusted to 70%

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp ; & nbsp; Expenditure-to-income ratio for 2021 rose to 73% & nbsp;

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Comfortable liquidity with Liquidity Coverage Ratio (LCR) at 499% and a liquidity surplus of € 6.4 billion

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Index of net loans to deposits at 38.4%, allowing further growth

• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Strong, stable deposit base, mainly retail banking.

Source: www.philenews.com

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