100 mln more shares offered
against our strategic objectives of shrinking to strength through the disposal of non-core operations and assets. Profit after tax excluding one-off items and profit after tax for the six months ended June 30 totalled EUR 78 mn and EUR 81 mn, respectively,” said Group CEO John Hourican.
“Our deposit base is showing stabilising signs. … The Restructuring and Recoveries Division (RRD) is fully operational, with EUR 11.4 bln of large and delinquent loans managed by a dedicated workforce of about 500 people. Despite the difficult legislative framework, the RRD is showing some early successes,” the CEO added.
The Group’s capital
was strengthened with Core Equity Tier 1 ratio increased from 10.5% in end-December to 11.3% as at June 30. Combined with Thursday’s shareholder approval of the EUR 1 bln capital increase, the bank’s Core Equity Tier 1 ratio is expected to increase to 15.6% (transitional basis) and 15.1% (fully-loaded basis), making it one of the best capitalised banks in Europe.
By the end of H1, the bank had reduced its Eurosystem (ECB and ELA) funding by EUR 800 mln from EUR 11.0 bln to EUR 10.2 bln, while further sales of non-core assets totalled around EUR 450 mln.
H1 gross loans and deposits were EUR 25.3 bln and EUR 13.8 bln, respectively, with the