Hellenic Bank reports EUR 24.5 mln Q107 profit

Hellenic Bank Pcl (HB) beat and surpassed market expectations by delivering a highly satisfactory set of results in the first quarter of 2007.

HB reported total income of EUR 72.1 mln in Q107, up 23% from a year earlier, while profits before provisions jumped 40% to EUR 33.25 mln.

Net profit attributable to shareholders jumped 109% YoY to EUR 24.55 mln or CYP 14.25 mln from EUR 11.76 mln or CYP 6.8 mln a year ago in the same period.

Market expectations averaged around EUR 20 mln.

Part of the reason for the satisfactory performance is due to a turnaround in Greece, with the pre-provision profits from Greece amounting to EUR 0.6 mln in 1Q07 compared to a loss of EUR 1 mln in the same period a year ago.