Net Interest Income increased by 17.6% compared to the comparative period.
Reduction of general operating expenses by 12.0% yoy.
Increase of deposits by 6.2% yoy.
New financing and refinancing amounted to €215 mln for the nine-month period 2020 compared to
€75 mln for the comparative period.
5.3% of the total loan portfolio and 9.5% of the performing loan portfolio (before provisions) have
been restructured due to covid-19.
Total Assets increased by 2.2% to €3,60 bln compared to 31.12.2019
NPE Ratio: 37.4% and NPE Cash Coverage Ratio: 37.1%
Total Equity stood at €454 mln while Total Capital Adequacy Ratio stood at 12.6%.
New securitization of non-performing exposures amounting to approximately €715 mln, € 371 mln for
retail banking NPEs and approximately € 344 mln for business banking NPEs.
Management Statement
The pandemic continues to negatively affect economic growth. The second wave of the pandemic, which spread with greater intensity in Europe, led the Greek Government to the decision for a second lockdown throughout the territory. However, the outlook for vaccine efficacy and the launch of vaccinations in Europe in December is promising.
An important priority is the gradual restoration of the daily lifecycle of the public. The immediate positive reaction of some businesses and households to health changes, as reflected in their expectations, highlights the possibility of a relatively rapid reversal of the adverse climate. The completion of an overall development plan and the establishment of mechanisms for the efficient use of the resources of the approved EU Recovery Fund are preconditions for reorganization in the post-COVID-19 era.
With regard to new financing and refinancing in Q3 2020 c. €215 mln were disbursed compared to €75 mln for the comparative period while Attica Bank continues intensively its efforts to expand its market position. The preservations of the loans to deposits ratio at the level of 58% allows the focus on the credit expansion strategy. Furthermore, Attica Bank continued to improve its liquidity, as deposit balances increased by 6.2% compared to the comparative period of 2019.
At the same time, Attica Bank in 2020, in the context of the implementation of its business plan, proceeded to the staffing of key positions, thus strengthening its administrative and operational structure to meet the new challenging environment while the Bank’s operating costs (excluding depreciation) were reduced by almost 3.4% per annum.
Attica Bank S.A. proceeded with the restructuring of the Bonds of the Artemis Project, in accordance with the new supervisory framework that followed the securitization and furthermore, the increase of the cash receipts received by the Bank, the improvement of the bonds and the management efficiency optimization.
Following a conservative policy, Attica Bank increases its credit risk forecasts to be consistent with its Business Plan.
The management of Attica Bank, its shareholders and all its employees, we are determined and ready to proceed in order to succeed not only with the completion of the Bank’s strategic plan but also achieving Attica Bank’s transition to a modern Bank, starring with its own distinct and supportive role in the development of the real economy. The completion of the digital transformation, the implementation of its business plan with emphasis on the creation and promotion of new innovative products but also the emphasis on areas of the new national production model describe the Bank’s business goal for the upcoming year, in order for customers, employees, shareholders and the Greek economy to benefit.