Attica Bank's performance in the nine months of 2023 confirmed the systematic implementation of our targets. Managed to improve almost all operating lines of the Group's organic figures, presenting for the 3rd consecutive quarter a positive recurring operating result which amounted to €7 mln, demonstrating the Management's commitment to the target set for the Bank's return to operating profitability after years.
The nine-month results are a milestone for the Group, sealing its recovery, already one year after the change of Management.
Now, they create and do not consume capital for the operation of the Bank. This significant positive performance was mainly driven by an increase in the Group's recurring operating revenue, which reached €64.6 mln compared to €32.1 mln in the previous period.
Attica Bank, like other banks, benefits from the increase in interest rates in terms of interest income, but the main benefit in its revenues results on one hand from the expansion of its operations and, at the same time, from the reduction of unnecessary costs, which it yields.
Following the successful completion of the Bank's Share Capital Increase, Attica Bank has sufficient liquidity and funds to be channeled to the market to support businesses and households. This is evident from the fact that the Bank has positive credit growth of 13.1% already within the nine-month period of 2023, mainly due to the strengthening of small and medium-sized enterprises.
Attica Bank's credit expansion is expected to increase further in the last quarter of 2023 as a result of the implementation of our Business Plan. Emphasis is placed on corporate banking, mainly small and medium-sized enterprises, as well as on the financing of freelancers, such as engineers, offering holistic service products.
Furthermore, new disbursements also accelerated in the third quarter of 2023 and amounted to €190 mln (compared to €121 mln and €70 mln in the first and second quarters of the year respectively).
Specifically, new disbursements to SMEs and small enterprises amounted to €153 mln, or 40% of the total, in the nine months of 2023. We continue to focus on the dynamic sectors of the Greek economy involving major projects in energy, infrastructure, tourism, real estate. A key objective for Attica Bank is to better serve the customer through the gradual optimization of internal operations.
Attica Bank wants to become the customer's bank of choice, a result of the customer-centric service model we are building at the Bank. In parallel with its credit growth, the Bank continued to improve its liquidity, with deposit balances amounting to approximately €3.0 bln.
The CEO of Attica Bank, Ms. Eleni Vretou, stated: "The implementation of the Business Plan and the dedication to the recovery and restructuring of Attica Bank has allowed us, in less than a year, to present tangible results, not only in improving our fundamental metrics but also in the bank's growth with unprecedented dynamics given the circumstances. With much still to be done, especially to solidify the change taking place and ensure our customers perceive Attica Bank as the best solution for their needs, we look to the future with optimism and vigilance for changes in the external environment and emerging risks.
Five months after the successful completion of the Capital Increase, we have sufficient liquidity and capital, which we channel into the market to support businesses and households. As a result, the Bank has achieved a positive credit expansion already in the nine-month period by 13.1%, primarily driven by the support to small and medium-sized enterprises. We see our organic metrics continuously improving, recording credit expansion in a market characterized by stagnation, and we believe it is achievable to reach the goal of returning the Bank to operational profitability even faster."
