The Board of the Hellenic Bank during its meeting on Thursday 13 September 2001, after examination, it approved the results of the Group for the first six month period of the year.
Profits of the Group from operations exceeded CYP 14 million, an increase of 21%. The results are considered as excellent taking into consideration the economic climate of the period.
Profits mainly resulted from banking operations which continue to constitute the backbone of the Group. There is also an important contribution to profits from insurance and finance operations through its subsidiaries Pancyprian, Ledra and Hellenic Bank (Finance) Ltd.
The notable increase in profits of the first six month period of 2001 compared to profits of last year's same period are mainly attributed to the substantial increase of operational profits from local banking operations and to the fact that its branch network in Greece has started to contribute to profits covering around two fifths of the increase in profits of the Group from the last six month period. It is evident that the expansion in Greece will constitute the spearhead of the future expansion of the Group.
The size of the Group during the past six months showed an increase of 10%, from CYP 1.86 billion as at 31 December 2000 to CYP 2.05 billion as at 30 June 2001. Facilities to clients reached CYP 1.19 billion, an increase of 12%, with deposits reaching CYP 1.79 billion, an increase of 11%.
The Group notes that in July 2001, the Bank increased its secondary capital by 100 million euro through a successful ten-year bond issue registered at the Luxembourg stock exchange and offered to institutional investors abroad. Through the issue, the already high capital base of the Group was further enhanced.
Continuing its dividend policy, the Board decided to proceed with the payment of interim dividends of 8% for the year 2001. It also decided to offer shareholders the option to reinvest net interim dividends into additional shares of the Bank at the average share price during the period 19-25 September 2001 minus 7.5%
Profits of the Group from operations exceeded CYP 14 million, an increase of 21%. The results are considered as excellent taking into consideration the economic climate of the period.
Profits mainly resulted from banking operations which continue to constitute the backbone of the Group. There is also an important contribution to profits from insurance and finance operations through its subsidiaries Pancyprian, Ledra and Hellenic Bank (Finance) Ltd.
The notable increase in profits of the first six month period of 2001 compared to profits of last year's same period are mainly attributed to the substantial increase of operational profits from local banking operations and to the fact that its branch network in Greece has started to contribute to profits covering around two fifths of the increase in profits of the Group from the last six month period. It is evident that the expansion in Greece will constitute the spearhead of the future expansion of the Group.
The size of the Group during the past six months showed an increase of 10%, from CYP 1.86 billion as at 31 December 2000 to CYP 2.05 billion as at 30 June 2001. Facilities to clients reached CYP 1.19 billion, an increase of 12%, with deposits reaching CYP 1.79 billion, an increase of 11%.
The Group notes that in July 2001, the Bank increased its secondary capital by 100 million euro through a successful ten-year bond issue registered at the Luxembourg stock exchange and offered to institutional investors abroad. Through the issue, the already high capital base of the Group was further enhanced.
Continuing its dividend policy, the Board decided to proceed with the payment of interim dividends of 8% for the year 2001. It also decided to offer shareholders the option to reinvest net interim dividends into additional shares of the Bank at the average share price during the period 19-25 September 2001 minus 7.5%
Friday, 14 September, 2001 - 10:58