Hellenic Bank announces profit of 36.1 mln euro for 2009

The Hellenic Bank has announced a pre-tax profit for 2009 of 36.1 million euro, compared to 44.6 million in 2008.

According to the Bank's preliminary financial results for 2009, the total net revenue for 2009 posted an 11% increase, reaching to 269,6 mln euro, compared to 243.2 mln in 2008.

The Hellenic Bank projects that 2010 will be another difficult year for the Cyprus economy, with low economic growth and rising unemployment.

The Board of Directors decided to suggest 5 eurocent per share dividend to the Annual General Meeting of shareholders.

Total costs rose 7%, to 170 mln euro in 2009, from 158 mln in 2008. Staff costs including pension benefits represented 69% of the group's total expenditure.

Total loans to customers reached 5 billion euro and they remained at the same level as 2008, while deposits recorded a 7% increase, reaching 6.6 billion euro, from 6.1 billion in 2008.