In the fourth quarter of 2018, the lender said it has generated a €24.1m net profit, €38.5 before impairments.

In a statement, it said its balance sheet has been de-risked substantially and the end of 2018 saw an improvement in the quality of its loan portfolio.

Non-performing exposures (NPEs) dropped significantly, from 51.6% in June 2018, to 26.5% at the end of the year.

The ratio of net NPEs to assets fell from 11.7% to 4.3%.

“The acquisition of CCB business established Hellenic Bank as the leading retail and SME bank in Cyprus whilst simultaneously de-risking our balance sheet and business model,” Hellenic CEO Yiannis Matsis said. “The profitability and resulting capital position safeguards our depositors and creates shareholder value.”

Hellenic said its CET1 ratio after the completion of a €150m capital raise was 19% and its capital adequacy ratio 21.7%, which was well above the minimum regulatory requirements.

Source: Cyprus Mail