7 mln

Financial Mirror (Cyprus) - - FRONT PAGE -

Ac­cord­ing to the pre­lim­i­nary re­sults an­nounced by the Group, as at end of 2014 Core Tier I ra­tio stood at 13.5% and de­posits in­creased by 15%, “facts that demon­strate the great trust en­joyed by the bank from share­hold­ers and de­pos­i­tors alike,” it said.

The op­er­at­ing prof­its be­fore pro­vi­sions amounted to EUR 158 mln, with the fourth quar­ter of 2014 alone end­ing with a net profit of EUR 7 mln.

The pri­mary ob­jec­tives of the bank for 2015 are the ef­fec­tive man­age­ment of NPLs and the ex­pan­sion of its loan port­fo­lio, it said.

“With com­fort­able liq­uid­ity on hand, Hel­lenic Bank in­tends to play a lead­ing role in the re­cov­ery of the real econ­omy by fund­ing vi­able busi­nesses and house­holds with new credit fa­cil­i­ties,” the bank added, as it an­nounced lower lend­ing rates.

CEO Pi­jls said that there are “many op­por­tu­ni­ties” for growth, but stated that the bank “is not in­volved in any con­ver­sa­tion about any takeover.”

“We are well cap­i­talised, we have not been bailed-in or bailed out, we have liq­uid­ity and there­fore we have an op­por­tu­nity to grow”, he said.

Pi­jls said that when the fore­clo­sure law is fi­nally ap­proved, the ben­e­fit will be on the re­struc­tur­ing side.

“We are not a real es­tate com­pany and we do not want to be­come one,” he said in ref­er­ence to a public myth that banks are ea­ger to fore­close on pri­mary homes and pos­si­bly sell th­ese port­fo­lios to for­eign in­vestors.

“The main ben­e­fit of the fore­clo­sure law is to bring cus­tomers to the ta­ble and make the cus­tomer vi­able. A to­tal of 25% of cases of NPLs have been ap­proved for re­struc­tur­ing, 30% are un­der re­view, 10% have been re­jected and 5% of the cases the cus­tomers have found a cure. So we have re­viewed around 70%”, he added.

Re­fer­ring to the agree­ment with the Euro­pean In­vest­ment Bank which pro­vides for a to­tal of 70 mln eu­ros for Cypriot com­pa­nies, he said al­ready that there is de­mand for 54 mln eu­ros.

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