The year 2023 was a landmark year for Attica Bank, marking the bank's consolidation, recovery and return to operating profitability after a number of years, according to a statement issued by the bank on Thursday.
The performance throughout 2023 confirmed the strategic focus on the transformation of Attica Bank, with the bank's management and people implementing the business plan with intensive efforts and commitment to the objectives.
Attica Bank reported recurring pperating profit (before provisions) of 21.9 million euros for the full year 2023, mainly due to the increase in interest income and the reduction of the cost base in the context of the implementation of the bank's Business Plan, compared to a loss of 38.5 million euros in the comparative period. In Q4, recurring operating profit amounted to 10.4 million euros (up by approximately 50% year-on-year), compared to a loss of 4.3 million euros in the corresponding quarter of 2022. For 2023, profit before tax amounted to 28.6 million euros compared to a loss of 356.6 million euros in the corresponding comparative period.
The bank's total deposits amounted to 3.2 billion euros, while its nonperforming openings were significantly reduced on annual and quarterly base, despite the continuing increase of interest rates by the European Central Bank and inflationary pressure.
Attica Bank CEO Eleni Vrettou said, "In 2023 Attica Bank turned a new page. In this year, we managed to improve all of our organic operating lines and cement the bank's return to recurring operating profitability, now demonstrating the bank's ability to organically generate capital. The implementation of the Business Plan and the dedication of all our people to the goal of cleaning up and growing the bank has allowed us to demonstrate unprecedented momentum in the banking industry, especially compared to the bank's previous position. We recorded a net credit expansion of 324 million euros, as our customers rewarded our efforts to make our bank more efficient and flexible, with new products, new dynamics and extroversion. Attica Bank is now generating organic capital and, alongside its strong liquidity of 3.2 billion euros, it can finance individuals and businesses even more efficiently. The new year, which coincides with the celebration of the 100th anniversary of Attica Bank's foundation, marks the continuation of our efforts to offer an alternative banking proposition that is client-centric, human, more competitive and with holistic products that respond to the needs of businesses, freelancers and individuals.
"In 2024, we will continue to focus on business banking, especially for small and medium-sized enterprises, while we continue to focus on the dynamic sectors of the economy that involve major projects in energy, infrastructure, tourism, real estate and manufacturing. Following the investment agreement of April 20,2023, all the necessary steps have already been initiated to evaluate our alternatives for the final resolution of the bank and the possible merger with Pankritia Bank with the ultimate goal of creating a new larger, strong but flexible bank, with healthy assets, adequately capitalized, with a strong nationwide footprint, even more competitive and efficient".
