Pancreta's 2023 results closed with significant profitability as a result of its commitment to the systematic implementation of the bank's overall strategic planning and transformation.

The acquisition of the HSBC Greek Branch's operations and the bank's own business activities both significantly boosted the results for FY 2023, which recorded a profit before tax of EUR 90.76 million. The normalized pre-tax result (excluding the benefit of the HSBC acquisition) also recorded an increase of 10.6%, with profit before tax amounting to EUR 6.40 million for 2023, compared to EUR 5.76 million for 2022, despite the high loss incorporated in the bank's results of operations at the end of 2023 as a result of the legal merger, by absorption, of the Cooperative Bank of Central Macedonia.

Total assets amounted to EUR 3.45 billion as of December 31, 2023, compared to EUR 2.68 billion as of December 31, 2022, recording an increase of approximately 29%, which also incorporates the financial figures of the two newly acquired banks.

Particularly positive is also the picture of net credit expansion, boosted by approximately EUR 697 million. It is worth noting that new disbursements amounted to some EUR 469 million, more than double the previous year's figure (EUR 217 million).

Deposits recorded a significant increase, reaching EUR 2.61 billion as of 31/12/2023, up from EUR 1.58 billion as of 31/12/2022, representing an increase of approximately 65%. Net fee and commission income also recorded an increase, amounting to EUR 9.07 million as of December 31, 2023, compared to EUR 5.30 million as of December 31, 2022, representing an increase of 71%.

The Bank made increased provisions of EUR 25.68 million for the year 2023, compared to EUR 16.58 million for 2022, thus increasing the amount of accumulated provisions against credit risk to EUR 522.49 million, compared to EUR 390.96 million as of December 31, 2022.

The remaining change is mainly due to the accumulated provisions acquired from the two newly acquired banks. Finally, total equity amounted to EUR 250.59 million, compared to EUR 182.67 million at December 31, 2022, representing an increase of approximately 37%. The total Capital Adequacy Ratio amounted to 13.010%, as of 31/12/2023.

With regards to the announcement of the financial results for 2023, the CEO of Pancreta Bank, Mr. Antonis Vartholomaios, said: "The significant profitability recorded for 2023 is a practical confirmation of our strategic choices and planning, implemented with the support of Thrivest's dynamic shareholder base. The hard work of the bank's executives, combined with the growing confidence of our expanded customer base, contributed to the very positive 2023 result.

Two significant occurrences for Pancreta Bank this year were the acquisition of HSBC Greece's operations, which changed the organization's reputation and brought numerous benefits in terms of assets, deposits, products, and services, and the merger with the former Cooperative Bank of Central Macedonia, which allowed us to further expand our network in Northern Greece.

Our next strategic goal, with the decisive contribution of our shareholders, Mr. Bakkos, Mr. Kamenakis, and Mr. Exarchos, is to join forces with Bank of Attica in order to create a dynamic, modern, and healthy bank with a distinctive role in the domestic banking system."