– Increase of deposits by 14.3% yoy
– New financing and refinancing amounted to €158 mln
– Net Loans decreased marginally by 2.8% compared to 31.12.2018
– Net Loans / Deposits Ratio amounted to 59.3%, lower compared to the comparative period (69.8%)
– Total Assets increased by 5.3% to €3,528 mln compared to 31.12.2018
– Total operating income has been decreased by 44.1% compared to 31.12.2018
– Reduction of total operating expenses by 24.3% yoy
– NPE Ratio: 39.01% (2018:33.5%)
– NPE Cash Coverage Ratio: 32.8%
– Total Capital Adequacy Ratio: 14.5%
– Total Equity marginally increased and stood at €494 mln
Management Statement
Attica Bank’s financial performance for 2019 remains positive and is a confirmation of the continuous effort of the Bank for enhancing its profitability and the restoration of its balance sheet. The Group continued to improve its liquidity, as deposit balances increased by 14.3% compared to the comparative period of 2018. With regard to new financing and refinancing in 2019 c. €158 mln were disbursed and Attica Bank continues its efforts to expand its market position. The decrease of the loans to deposits ratio from 80.9% to 70.1% allows the focus on the credit expansion strategy.
Profitability
Operating costs (excluding depreciation costs) decreased by 12% annually on a recurring basis. The constant decline in operating costs, as well as recurring gains from financial transactions, offset lower revenues during 2019.
The outbreak of Covid-19 creates new circumstances for the global and the Greek economy. The Board of Directors is confident that the Bank will be able to achieve its business goals in a constantly changing environment. The expansion of the product range as well as the clientele and the cost-containment through more efficient operating model are the main key points of the Bank’s strategy. The main goal of the Bank is to minimize the operational risk that may arise from the effects of Covid-19 and to adjust efficiently to the after Covid-19 era.
Attica Bank will continue to support the economy and society in this extremely difficult time.
Key Points of the Balance Sheet
– Group’s Total Assets amounted to 3.5 billion euros and its structure remained rather stable. Gross loans amounted to 1.8 billion euros while net loans amounted to 1.6 billion euros remaining at almost the same level as at 31.12.2018. New financing and refinancing for the period amounted to approximately 158 million euros.
– The accumulated provisions for impairment losses on loans and advances to customers stood at 281 million euros. For 2019, total provisions amounted to 24.2 million euros compising of provisions for impairment losses on loans and advances to customers amounted to 31.1 million euros and for FVTOCI financial assets portfolio of 0.1 million euros, while provisions for impairment on off balance sheet items and on other assets were reversed by 7.0 million euros.
– NPE ratio stands at 39.01% (2018: 33.5%) and NPE cash coverage ratio amounted to 32.8% (2018: 34%) without taking into account any collaterals.
– Deposits amounted to 2.6 billion euros, up by 14.3% compared to 31.12.2018. Net loans to deposits ratio stood at 59.3% for the Group lower compared to 31.12.2018 (69.8%). Gross loans to deposits ratio for the Group amounted to 70.1% as at 31.12.2019 and appears to be significantly lower compared to 31.12.2018 (80.9%).
– Capex for 2019 amounted to 9.6 million euros.
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