Hellenic Bank reports 129% profit increase in 2007

Hellenic Bank beat market expectations and reported net profit of EUR 133 mln, up 129% over 2006 and well above the average forecast of EUR 126 mln. The Board of Directors declared the intention to propose the payment of 11 euro cent final dividend for 2007, which together with the 8.5 cent interim dividend, raises the total dividend to 19.54 euro cent.

Net income improved by 25% YoY to EUR 320.5 mln from EUR 256.4 mln in 2006, while total expenses increased by only 4%, helping force the cost to income ratio to 48.9%.

Total advances increased by 23% YoY to EUR 4.1 bln while total deposits were up 10% to EUR 5.9 bln.

The operations in Greece cost the Hellenic Bank Group EUR 3 mln in pretax losses compared to pretax losses of EUR 7.5 mln.