Blog
HB 2017 A Year of Strategic Progress
March 2, 2018
During 2017 Hellenic Bank made further progress towards achieving its strategic targets by completing major initiatives to further strengthen the Group’s balance sheet and enhance its earnings capacity.
Hellenic Bank was the first Cypriot Bank to agree an NPES portfolio sale, totaling €145 million while setting up the first independent debt server in Cyprus. Organic reduction of NPEs for 9 consecutive quarters, coupled with the NPEs sale, resulted in an NPEs ratio of 53%.
The Group maintains its strong capital position with a CET1 ratio of 13,8% and total capital adequacy ratio of 17,7%, well above minimum regulatory capital requirements.
The Bank continued supporting the Cyprus Economy by financing creditworthy households and businesses while examining other growth opportunities. About €0,5 billion advances were approved during FY2017, while €0,5 billion of restructurings were completed.
In line with the strategic plan, the Bank completed a Voluntary Early Exit Scheme (VEES) at a cost of €41,3 million affecting the 4Q2017 results. Adjusting for the VEES cost, 4Q2017 adjusted Pre-provision profit was €9,6 million and Profit after tax was €14,0 million. Reflecting the VEES and high provisions for impairment losses, the Group reported a loss after tax of €45 million for 2017.