Hellenic Bank posts Q1 profits of almost 70 mln euros

Hellenic Bank, Cyprus' second-largest lender, has reported a profit of 69.7 million euros for the first quarter of 2023, signaling a strong start to the year.

The bank's solid capital position is evident, with a CET1 ratio of 19.3% and a capital adequacy ratio of 25.1%, well above regulatory requirements. The nonperforming exposure (NPE) ratio stood at 9.3%, dropping to 3.4% when excluding NPEs covered by the APS agreement.

The completion of Project Starlight in the first quarter marks a new era for the bank, involving the securitization of approximately €0.8 billion of NPEs and the sale of APS Debt Servicer.

A significant milestone for Hellenic Bank was the successful issuance of €200 million Tier 2 Subordinated Notes in March, attracting considerable interest from international investors. 

Oliver Gatzke, the bank's CEO, expressed satisfaction with the...