Hellenic Bank losses rise to €191 mln

The Hellenic Bank announced losses of €191 mln for 2013, compared to 23.4 mln losses in 2012, with the second biggest Cyprus lender saying that the losses include the €29 mln cost of the disposal of the branch network in Greece.
According to the bank’s preliminary financial results for the year that ended on December 31, 2013, the rate of non performing loans reached 45.7% of its gross loans portfolio.
Gross loans and advances to Cyprus customers stood at €4.4 bln, recording an annual decrease of 6%. Deposits also declined by 23% since December 2012, to €5.5 bln.
The net loans to deposit ratio stood at 65%, with no funding from the European Central Bank, the Emergency Liquidity Assistance and with no dependency on the interbank market.
An announcement by the bank said that 2014 is expected to be another year of recession, adding that the Hellenic Bank Group will focus on managing credit risk efficiently.
It is also noted that the gradual lifting of temporary restrictive financial measures will reinforce the credibility of the financial system and the bank’s development prospects.