Attica Bank reports higher losses in H1

Attica Bank on Thursday reported after tax losses of 13.6 million euros in the first half of 2017, from a loss of 8.8 million in the same period last year. The bank said assets totaled 3.6 billion euros, while bad debt provisions rose to 22.7 million euros from 20 million last year, to a total of 1.229 billion euros or 30.8 pct of the bank’s debt portfolio. Provisions cover NPEs by 49.9 pct.

Operating expenses fell 14 pct, commissions revenues eased to 8.5 million from 8.9 million euros, while commissions expenses rose to 4.1 million from 2.1 million euros. Deposits totaled 1.82 billion euros at the end of June, down 4.1 pct from December 31, 2016, while pre-provision loans were unchanged at 4.0 billion euros. After provision loans totaled 2.758 billion euros, down from 2.840 billion in 2016.

“Attica Bank managed to strengthen its capital adequacy through the securitization of NPLs worth 1.33 billion euros and covering a remaining 70 million euros in a share capital increase plan at the same time,” the bank said in an announcement. It added that Attica Bank continued its internal reorganization plan with the aim to achieve its strategic goal, set in autumn 2016.