Hellenic Bank has announced its results for the first 9 months of 2024.
The financial institution's performance was successful.
In particular, Hellenic Bank earned € 284.4 million compared to € 240.7 million in 2023.
Net interest income for the first nine months of 2024 totalled €455.6 million, up 20 per cent from €379.7 million in the first nine months of 2023. According to the financial institution, its profitability was boosted by high interest rates introduced by the ECB to fight inflation. The bank focuses on retail banking with a stable customer base and has a significant market share among households (36 per cent for deposits and 33 per cent for loans).
The annualised net interest margin was 3.35% in the first nine months of 2024, up 76 bps from 2.59% in the first nine months of 2023. This was positively impacted by an increase in net interest income and a decrease in average interest-earning assets (mainly due to a decrease in cash and balances with central banks).
Total non-interest income for the first nine months of 2024 amounted to EUR 98.1 million. This comprised net fees and commissions of 51.5 million euros, net gains on the disposal and revaluation of foreign exchange and financial instruments of 22.9 million euros, net income from insurance operations of 12.4 million euros and other income of 11.3 million euros.
Net gains from the sale and revaluation of foreign exchange and financial instruments totalled €22.9 million in the period under review, compared to €7.1 million in the corresponding months of the previous year. Net commission and service fee income decreased by 5 per cent to € 51.5 million in the first nine months of 2004 from € 54.3 million in the same period of the previous year. The decrease was mainly due to lower banking fees and commissions as a result of lower income from loans and credit lines.
Hellenic Bank's net income from insurance operations for the first nine months was € 12.4 million (-5%), compared to € 13 million in the previous year. Other income for the first nine months of 2024 reached € 11.4 million, an increase of 4% compared to € 10.9 million for the first nine months of 2023. This was mainly due to higher net income from the sale of real estate shares and dividend income from equity investments, mainly from Hellenic Bank's insurance companies. Finally, the bank's total net income for the first nine months of 2024 was €553.7 million, up 19% compared to January-September 2024, when it reached €465.1 million.
Hellenic Bank's total expenses for the first nine months of 2024 were € 215.6 million, compared to € 193.8 million in 2023. The increase was 11%.
The bank's personnel expenses for the first nine months of 2024 increased by 11% to € 99.4 million compared to € 89.9 million in the previous year. Administrative and other expenses reached € 100.9 million in the first nine months of 2024, up 16% from € 87 million in January-October 2023. Hellenic Bank's cost / income ratio for the first nine months of 2024 was 38.9%, down from 41.7% a year earlier.
In turn, impairment losses on financial instruments totalled € 6.5 million, compared to € 10.3 million in the first nine months of 2023. The annualised impairment loss cost ratio on loans and receivables was 0.27% in the first nine months. And the impairment loss cost ratio on loans and receivables was 0.16%.
The Bank's liquidity coverage ratio was 583% at 30 September 2024 compared to 542% at 31 December 2023, well above the regulatory minimum of 100%. Excess liquidity remained stable at € 7.4 billion.