Hellenic Bank posts Q1 profits of almost 70 mln euros
Hellenic Bank, Cyprus’ second-largest lender, has reported a profit of 69.7 million euros for the first quarter of 2023, signaling a strong start to the year.
The bank’s solid capital position is evident, with a CET1 ratio of 19.3% and a capital adequacy ratio of 25.1%, well above regulatory requirements. The nonperforming exposure (NPE) ratio stood at 9.3%, dropping to 3.4% when excluding NPEs covered by the APS agreement.
The completion of Project Starlight in the first quarter marks a new era for the bank, involving the securitization of approximately €0.8 billion of NPEs and the sale of APS Debt Servicer.
A significant milestone for Hellenic Bank was the successful issuance of €200 million Tier 2 Subordinated Notes in March, attracting considerable interest from international investors.
Oliver Gatzke, the bank’s CEO, expressed satisfaction with the solid first-quarter performance, attributing the €69.7 million profit to increased income and cost rationalization. Despite turbulent financial market conditions in the US and Europe, Hellenic Bank remained resilient due to its robust capital position and ample liquidity.
