Hellenic Bank Releases €45.7m Net Loss in 2017

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The 3rd largest Cypriot lender, Hellenic Bank, has recently said that it had generated an after-tax loss of EUR €45.7m in 2017 down from a €63.5m loss in 2016.

In addition, the bank’s earnings suffered a 5% decline to EUR €234.5m in 2017, mainly due to a 11% fall in its net interest income to EUR €131.2m according to a recent statement from the Hellenic Bank.

The expenses boomed by 39% to EUR €200.9m, primarily on the cost of the voluntary exit scheme offered to 231 of its employees last year with an impact of EUR €41.3m.

Moreover, profit before provisions fell to EUR €33.6m from EUR €103.2m. Following this, the cost-to-income ratio deteriorated last year to 85.7% from 58.3% in 2016.

On the other hand, non-performing loans dropped to 53.3% at the end of December from 58.2% the previous year or below EUR €2.2bn from €2.5bn.