• 1Q2020 Profit before tax of €0,6 million
• 1Q2020 Loss after tax of €2,2 million 
• Strong Capital Position: CET1 ratio of 19,22%  and Capital adequacy ratio of 21,71%1, significantly above minimum regulatory requirements 
• A significantly de-risked balance sheet: NPEs ratio at 25,0% (excl. APS2-NPEs), and Net NPEs3 to Assets ratio at 3,4% (excl. APS2-NPEs)
  
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Statement by CEO Yannis Matsis: 

In the past three months, we have experienced an unprecedented crisis on a global scale as a result of the Covid-19 pandemic with lockdown measures imposed progressively, on all the countries. Cyprus was of course no exception.  Nevertheless, our country’s success, to date, in dealing with this health crisis accompanied by the implementation of robust fiscal package allows us to emerge from the widespread lockdown with growing confidence. The economic activity indicators that we are daily monitoring are a solid proof of that.  

Hellenic Bank is well prepared and ready to tackle the crisis from an advantageous position. With excess liquidity (Liquidity Coverage Ratio of 538%) and robust capital adequacy of 21,71%, one of the highest amongst European Banks, we are extremely well positioned to support those businesses and households that we assesses to be viable, and seize any other opportunities that could potentially be presented, whilst always seeking to protect the Bank’s Balance Sheet, safeguard our depositors, and create value to our shareholders.

>>>Read the statement in Greek<<<

The enlarged Hellenic Bank has a solid, viable, long term business model, that safeguards our depositors and creates shareholder value. Looking forward, we are committed in transforming the Bank into a modern customer centric organization offering superior products and services, high level customer service and seamless experience for our customers. A lean and much more efficient branch network coupled with the ongoing digital transformation are in the core of these efforts. We were pleased to witness that during the lockdown period our customers took advantage of all our alternative channels, ATMs, contactless debit and credit cards, Mobile Application and Web Banking.

I want to sincerely and wholeheartedly thank my colleagues for their sense of duty, the flexibility, commitment and zeal they have shown during these extremely challenging times. I would also like to extend my sincere thanks to all our shareholders for their continuous support, empowerment and confidence shown to us, and assure them, that the whole team at Hellenic Bank remains fully dedicated and committed to work hard to help achieve our strategic objectives.

HIGHLIGHTS – 1Q2020 GROUP FINANCIAL RESULTS

ONGOING RESILIENCE TO WEATHER THE PANDEMIC INDUCED ECONOMIC CRISIS

• Authorities proactiveness and unprecedented fiscal support to contain the impact on the economy and society
• Resilient business model, strong capital position and ample liquidity, a shield against the crisis

PERFORMANCE

• Marginally profitable before taxes despite elevated impairments
• 1Q2020 Profit before impairment losses of €29,6 million
• 1Q2020 Impairment losses of €29,1 million and Cost of risk (CoR) 2,4%
• 1Q2020 impairment losses includes a €33 million charge related to COVID-19 impact, with a COVID-19 related CoR of 1,8% 
• 1Q2020 Profit before tax of €0,6 million and Loss after tax of €2,2 million 
• 1Q2020 Net interest income of €69,1 million, NIM of 1,8% 
• Tangible Book Value per Share of €2,48

CAPITAL

• CET1 ratio of 19,22%  and Capital adequacy ratio of 21,71%1
• 1Q2020 capital ratios reduction due to higher RWAs, mainly due to increased securities portfolio
• Capital ratios significantly above minimum capital requirements and compare favorably with EU average
• Authorities decisions for lower capital requirements allows more flexibility during this challenging environment

LOAN PORTFOLIO QUALITY 

• Organic and non-organic efforts to resolve NPEs continue
• NPEs ratio (excl. APS-NPEs) at 25,0% 
• Net NPEs  to Assets (excl. APS-NPEs) at 3,4%

LIQUIDITY AND FUNDING

• Robust liquidity position, with a Liquidity Coverage Ratio of 538% and a liquidity surplus of €6,1 billion
• Net loans to deposits ratio of 42,0%
• A solid, stable, primarily retail deposit base