Attica Bank presented continued profitability, market share growth and improved operating indicators that confirm its business planning and the expected benefits created by the merger with Pancreta Bank for the nine months of 2024.

According to the first financial results on a consolidated basis after the joining of forces with Pankritia Bank, Attica Bank recorded a recurring operating profit (before provisions) of €27.3 million compared to €11.5 million in the comparative period. It is highlighted that Pankritia Bank is consolidated for the third quarter for 26 days, i.e., after 4 September 2024, when the legal merger of the banks took place.

The bank's recurring financial results (before provisions) in Q3 amounted to €9.9 million, achieving operating profitability for the 7th consecutive quarter, despite the highly complex conditions and volatile environment for the bank due to the shareholders' agreement and uncertainty ahead of the ratification of the agreement and the legal merger.

Group recurring operating income up 33%

On a nine-month basis, Attica Bank reported a 33% increase in the group's recurring operating income on an annual basis, which stood at €86.2 million compared to €64.7 million in the corresponding period of 2023. Net interest income amounted to €64.6 million, up 25%. Excluding the contribution from Pancreta, recurring operating income amounted to € 79.7 million (+23%), while net interest income amounted to € 59.9 million (+16%). This development was driven by a significant increase in new disbursements of € 1.67 billion in the first nine months of the year while restraining repayments. Correspondingly, the further increase in liquidity and the increase in the balances in the bond portfolio significantly boosted the figures during the period under review.

Net fee and commission income reached €12 million, up 81% year-on-year (or double including Pancreta Bank's figures), as a result not only of credit expansion but also of a notable increase in the issuance of letters of credit and the management of customer funds. 

It should be noted that after the merger with Pancreta Bank, total customer funds under management amounted to €770 million at the end of 9M 2024. Recurring General Operating Expenses amounted to €58.9 million, showing an 11% year-on-year increase, as they now include the expenses of Pancretia before synergies achieved due to the merger. On a comparable basis, i.e., excluding Pancretia's expenses, in the context of implementing a disciplined approach with targeted investments and always aligned with the Group's strategic objectives and transformation priorities, recurring general operating expenses amounted to €52.3 million, down 2% year-on-year.

Finally, at the net result level, the Group reported a loss of €343.3 million for the nine months to 2024, as the result was burdened by provisions of approximately €385 million for the inclusion of the Domus portfolio in the Hercules state guarantee program, as well as non-recurring expenses of €9.7 million related to actions and projects in the context of the merger with Pancretia Bank. We note here that the corresponding losses incurred by Pancretia for the Rhodium portfolio did not burden the result but were transferred to equity as a consequence of the merger.

Total loans before provisions in the nine months amounted to €3.1 billion on a consolidated basis, with the bank showing a net credit expansion of €795 million, achieving a significantly higher growth rate than the market average. The credit expansion was mainly driven by expansion to SMEs, with the infrastructure and energy sectors holding the largest share. Of the total disbursements, around 58% was channelled to SMEs.

Given the commitments and advanced discussions with clients, the bank confirms its annual target of €2 billion of new disbursements with €1 billion of positive credit expansion set, benefiting also from the bank's membership in the Recovery and Resilience Fund.

Total Group deposits reached €5.7 billion, further enhancing the bank's strong liquidity profile, with the liquidity coverage ratio (LCR) at 172% as of September 2024, well above the minimum regulatory level.