Management Statement

On December 21, 2021, the Management of Attica Bank announced the full coverage of its share capital increase, amounting to 240 million euros following the implementation of the shareholders’ agreement, as originally planned, thus achieving one of its main business goals. It is pointed out that the share capital increase is the starting point for the Bank’s growth, which will contribute to the acceleration of the strengthening of its customer position and its business activity.

 The successful completion of the share capital increase of € 240 million, with the participation of the HFSF with a percentage of 62.93%, of TMEDE with a percentage of participation of 14.7% and of the company RINOA LTD with a percentage of 9.87%, secured the Bank’s CET1 capital adequacy ratio which amounts to a pro forma level and based on the published data of 30.09.2021, at about 12%, significantly above the minimum limits currently in force, thus giving it a boost to contribute to the sustainable transformation and the Bank’s development.

 The year 2022, with the maturation of the securitization evaluation and their inclusion in the “HAPS 2” program, will be a milestone year for Attica Bank. The consolidation of the Balance Sheet is achieved and supervisory funds are released, which will be channeled for the development of the Bank’s operations and the significant increase of its loan portfolio.

 The strengthening of the regulatory capital and the increase of deposits to high levels have led to a significant increased liquidity, which is a guarantee that Attica Bank will develop its operations and contribute significantly to the implementation of its business plan.

 Attica Bank has focused on its plan, the modernization in key areas such as the improvement and upgrading of IT infrastructure, the digital transformation, the automation of processes, as well as the creation of digital stores that will lead to the gradual transformation of the traditional Network at digital service points. The conclusion of strategic alliances with companies of recognized prestige in the context of optimizing the internal infrastructure of the Bank and the creation of a restructuring framework, will help the Bank to play an important role in the domestic banking market in the forthcoming years.

 In particular, during the nine-month period, there is a significant improvement in almost all operational lines of Attica Bank’s financial results. Net commission income showed a significant increase of 52% with the largest improvement being achieved through the increase of lending income, amounting to 74%, while the cost of financing of the Bank’s operations continues its downward trend during the third quarter of 2021. 

 More specifically, the new financing and refinancing for the period 01.01.2021 to 30.9.2021 amounts to approximately €257 million and the loan-to-deposit ratio (before provisions) amounts to 56%, after the conclusion of Omega securitization. In addition, Attica Bank continued to improve its liquidity, and showed a significant increase as deposit balances increased on an annual basis by 8.4%.

 The Management of Attica Bank, its shareholders and employees, looking to the future, are committed to implement responsibly and efficiently the strategic plan of the Bank so as for Attica Bank to acquire a leading role with its own distinct and supportive part in the development of the real economy.

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