Hellenic Bank reports H1 profits, despite crisis in Cyprus and Greece

Hellenic Bank reported net first half profits of 15 mln euros, a recovery from the 29.2 mln losses it reported in the same six-month period last year, and approaching the 2010 H1 profits of 16.7 mln.
The island’s third biggest lender, that contained its exposure to the Greek debt market to a mere 110 mln euros, also reported a 25% increase in revenue and a 9% reduction of operation costs, bringing down its cost-to-income ratio from 73.3% in the first half last year to 46.5% this year.
The bank successfully raised some 47 mln euros in a rights issue with most of its shareholders, including the Church of Cyprus, subscribing to the issue.
Hellenic also said that its balance sheet remained unchanged in H1 2012 from H1 2011, with 5.6 bln euros in loans and 7.6 bln in deposits, despite announcing a 7% improvement in deposits for the first six months of the year.