26/05/2015 17:56
Hellenic Bank just announced a €12 mn profit for the first quarter of 2015 compared to a loss of €26,4 mn the corresponding period of the previous year.
The difference is mainly due to the substantial decrease in impairment losses and provisions which declined to €13,1 mn from €70,9 mn in 2014 Q1.
Net interest revenues decreased by 16% to €45,3 mn due to lower interest rates as the bank's net interest margin declined to 2,46% compared to 3,17% as at December 31, 2014.
Net revenues from fees and commissions increased by 4% to €13,9 mn while other revenues declined by 6% to €5,4 mn.
A loss of €1 mn from revaluation of foreign exchange and other investments was suffered compared to a profit of €4,4 mn in 2014 Q1.
Personnel expenses increased by 2% to €19,7 mn and represented 47,5% of the group's total expenses compared to 59,8% in 2014 Q1.
Due to increased consultancy fees, administrative and other expenses reached €20,1 mn from €11,6 the previous year, a 77% increase.
As a result the bank's expense ratio reached 65,1% compared to 41,5% in 2014 Q1 (50,8% vs 40,9% excluding extraordinary items).
Financial position
Net loans remained constant compared to December 31, 2014 at €3,2 bn while deposits increased by 4% to €6,61 bn from €6,35 bn in 2014.
Non-performing loans reached €2,66 bn from €2,56 bn representing 59,5% of gross loans from 58% in 2014 while the NPL coverage ratio reached 46,8% from 46,3%.
The Group’s Capital Adequacy Ratio at 31 March 2015 was 17,9%, the Tier 1 Capital Ratio 16,2% and the Common Equity Tier 1 (CET 1) Ratio 13,3%.
The difference is mainly due to the substantial decrease in impairment losses and provisions which declined to €13,1 mn from €70,9 mn in 2014 Q1.
Net interest revenues decreased by 16% to €45,3 mn due to lower interest rates as the bank's net interest margin declined to 2,46% compared to 3,17% as at December 31, 2014.
Net revenues from fees and commissions increased by 4% to €13,9 mn while other revenues declined by 6% to €5,4 mn.
A loss of €1 mn from revaluation of foreign exchange and other investments was suffered compared to a profit of €4,4 mn in 2014 Q1.
Personnel expenses increased by 2% to €19,7 mn and represented 47,5% of the group's total expenses compared to 59,8% in 2014 Q1.
Due to increased consultancy fees, administrative and other expenses reached €20,1 mn from €11,6 the previous year, a 77% increase.
As a result the bank's expense ratio reached 65,1% compared to 41,5% in 2014 Q1 (50,8% vs 40,9% excluding extraordinary items).
Financial position
Net loans remained constant compared to December 31, 2014 at €3,2 bn while deposits increased by 4% to €6,61 bn from €6,35 bn in 2014.
Non-performing loans reached €2,66 bn from €2,56 bn representing 59,5% of gross loans from 58% in 2014 while the NPL coverage ratio reached 46,8% from 46,3%.
The Group’s Capital Adequacy Ratio at 31 March 2015 was 17,9%, the Tier 1 Capital Ratio 16,2% and the Common Equity Tier 1 (CET 1) Ratio 13,3%.
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