ABBank: Increase in profits in the 9 months

The profits of Aegean Baltic Bank in the first 9 months of 2021 show an improvement. 176% while pre-Tax and Provisions profits doubled to € 7.3 million from € 3.7 million. from € 12.7 million while operating expenses increased by 2% to € 9.2 million from € 9.0 million in the first nine months of 2020.

Compared to the end of the previous year, the Total Assets increased by € 226 million or 37.4%, to € 831 million from € 605 million, incorporating a credit expansion of 40% (or € 132 million). Loans decreased to € 18.9 million or 3.7% of total loans, from € 24.6 million and 6.5%, respectively on 31.12.2020 while, at the same time, their coverage by provisions increased to 48.1 % from 36.5%.

Customer deposits recorded a significant increase of 56.6% to € 700 million from € 447 million on 31.12.2020, and interbank lending decreased by € 34 million to € 23 million from € 58 million resulting in liquidity ratios to remain strong. The Loans to Deposits ratio stood at 71.3% (31.12.2020: 82.1%) and the Liquidity Coverage (LCR) ratio to 208% (31.12.2020: 284%).

The CET-1 Equity Index, including Net Profit for the period, stood at 16.2%, up from 20.5% at the end of 2020, with full absorption of the impact of IFRS-9 and excluding deferred funds. tax claim against the Greek State.

In the first half of 2021, the expansion in the activity of the Greek business banking continued, in addition to the specialization in the financing and the banking transactions of the shipping sector. As at 30.9.2020, the Bank’s loan portfolio consisted of 88% of maritime financing and 12% of non-maritime financing, while the three-year target is for the ratio to be 70% and 30%, respectively.

ABBank Management believes that the strong fundamental and supervisory size of the Bank, the know-how and quality of its staff and the careful implementation of its business planning will allow it to continue its growth path and further improve its profitability in 2021.