Hellenic Bank announced its results for 2024.
The financial institution's performance was successful.
In particular, Hellenic Bank's net interest income from January to December totalled EUR 599 million, an increase of 12 per cent compared to the same period in 2023. The bank's net interest margin was 3.5%, compared to 3.12% a year earlier. Total net revenues for 2024 were € 728 million, an increase of % compared to the previous year.
The Bank's total expenses for 2024 amounted to €291 million, up 12% year-on-year, and the cost/income ratio was 36% in 2024 compared to 34% in 2023. Profit before net gains on write-downs of financial assets and impairment losses for 2024 totals €437 million (+8% year-on-year). Hellenic Bank's return on equity (ROTE) is 23.2% in 2024 compared to 27.1% in 2023. The net book value per share (TBVPS) was € 4.45, up 26% year-on-year.
Hellenic Bank's NPE1 coverage ratio was 2.4% in 2024, while its NPE1.2 and total NPE1.2 coverage ratios were 63% and 149%, respectively.
Hellenic Bank's new lending volume in 2024 is €1.075 bn (-11% Y2Y). In the fourth quarter of 2024, new loans amounted to € 370 million, up 58% quarter-on-quarter.
Hellenic Bank's total capital ratio was 32.2%, or approximately 29.7% adjusted for the CNP transaction, which is expected to close in the first quarter of 2025.
The purchase of Additional Tier 1 (AT1) capital had a capital impact of approximately -216 bps. The adjusted MREL to Total Exposure Ratio (TREA), including the CNP transaction, was approximately 31.7%. Hellenic Bank's deposits increased by € 0.7 billion (+5%) in the fourth quarter. The Liquidity Coverage Ratio (LCR) was 519% and placements with the ECB totalled € 5.6 billion.
Commenting on the 2024 results, Hellenic Bank CEO Michalis Luis said that it was a landmark year for the institution in terms of its financial performance and ownership status.
The bank achieved a strong financial performance in 2024 with a net profit of € 383 million (+10% for the year). The return on equity was 23%. The new €1.1 billion loan demonstrates our commitment to supporting the domestic economy and serving our customers,' said Luis.
It is worth noting that Eurobank Group currently holds 93% of Hellenic Bank's share capital and expects to increase its stake to 100% in the first half of 2025.