Pancreta Bank's financial results for the first quarter of 2024 closed with significant profitability, confirming the strategic choices of the management. In particular, the bank recorded a Profit before tax of €3.66 million compared to €577.93 thousand in the corresponding quarter of 2023, while the net operating result, before taxes, depreciation, amortization and provisions, increased by 97%, reaching €12.4 million from €6.31 million in the previous year. 

It should also be noted that profit after tax amounted to €2.55 million, representing an increase of 522.48% compared to the corresponding figure for the previous year, which stood at €410.33 thousand.
The net credit expansion is particularly positive, amounting to €91 million, with total disbursements amounting to €202 million. 

ASSETS

Total assets stood at €3.23 billion as of March 31, 2024, recording a decrease of 6.3% from December 31, 2023, as a result of the repayment of the last ECB refinancing programme (TLTRO), in which the Bank participated, amounting to €324 million. Deposits amounted to €2.6 billion as of March 31, 2024, compared to €1.6 billion in the corresponding period of 2023. A significant increase was recorded in net fee and commission income, which amounted to €2.88 million compared to €1.98 million as of March 31, 2023.

FORECASTS

The Bank made provisions against credit risk amounting to €6.82 million, thus increasing and
the amount of accumulated provisions to €528.9 million, compared to €522.49 million in the same period last year. Finally, total equity amounted to €252.29 million.

On the occasion of the announcement of the first quarter financial results, the CEO of Pancretias Bank, Antonis M. Vartholomeos, noted: "The remarkable profitability recorded in the first quarter of 2024 proves that Pancreta Bank is a stable and reliable banking institution with an ever-growing customer base. The support of Thrivest's shareholder base and our shareholders, Mr. D. Bakos, Mr. G. Kaymenakis, and A. Exarchos, were instrumental in achieving Pancretia's objectives, as well as the methodical work of the bank's executives.". He added that "the very positive results of the first quarter confirm the ability of Pancretia to function as a strong component in the fifth banking pillar, which is currently being formed, through the combination of its forces with the Bank of Attica.