Attica Bank reverts to profit in first quarter

Attica Bank on Thursday announced its return to profitability, with pre-provision operating profits totaling 500,000 euros in the first quarter of 2023, from a loss of €4.9 million in the same period last year.

The bank reported an improvement in all of its operating lines, evidence of the management‘s adherence to returning to operating profitability through the implementation of a 2023-2025 business plan envisaging the restructuring and development of Attica Bank.

Operating revenue grew 55% to €18.3 million in the January-March period, reflecting a 40.2% jump in net revenue from interest and commissions.

Net interest revenue totaled €14.2 million, for annual growth of 48.6%, while revenue from commissions rose 10% on an annual basis.

Repeat operating expenses fell by 3.3% in the first quarter.

Deposits grew 7.35% to €2.97 billion, while loan loss provisions totaled €1.67 billion.

Nonperforming exposures were almost unchanged from the previous quarter, with the NPE index at 65.8%, while NPEs fell by €10 million.