Pangratian Bank: At EUR 90.8 million profits before tax in 2023

With profitability they closed the results of 2023 for the , recording before tax 90.76m euros, significantly enhanced both by the acquisition of the activities of HSBC’s Greek branch and by the Bank’s own business activity. According to the relevant communication, the normalised pre-tax result (excluding the benefit from the acquisition of HSBC), also recorded a 10.6% increase, with the pre-tax profits amounting to 6,40m euros for 2023, compared to 5,76m euros for 2022, despite the high loss effect incorporated into the profit and loss of the Bank at the end of 2023, as a result of the legal merger, by absorption, of the Cooperative Bank of Central Macedonia. The total assets amounted to EUR 3.45 billion during 31/12/2023, compared to EUR 2.68 billion during 31/12/2022, recording an increase of about 29%, which also incorporates the economic size of the two newly acquired banks. The image of net credit expansion, reinforced by around EUR 697 million, is particularly positive. It is worth noting that the new disbursements amounted to around EUR 469 million, more than twice the previous year (217 million). Accordingly, deposits recorded a significant rise, rising to EUR 2.61 billion at 31/12/2023, from EUR 1.58 billion at 31/12/2022, showing an increase of about 65%. They also recorded net revenue from commissions, which amounted to EUR 9,07 million at 31/12/2023, compared to EUR 5,30 million at 31/12/2022, which amounts to an increase of 71%. The bank went on to create increased provisions of EUR 25,68 million for the use of 2023, compared with 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 at 31/12/2022. Finally, the total equity amounted to EUR 250.59 million, compared to EUR 182.67 million at 31/12/2022, with an increase of around 37%. The total Capital Efficiency Index stood at 13,010%, at 31/12/2023.