Attica Bank

Attica Bank SA. Attica Bank SA is a Greece-based banking and financial institution. The Bank offers a range of banking and financial products and services: private and corporate banking services, e-banking, automated teller machine (ATM) services, leasing, factoring, asset management and brokerage services. In the private banking area, it offers savings, privilege current and time accounts, mortgages, insurance products, consumer and housing loans, and a range of credit cards. In the corporate banking area, the Bank offers time and foreign exchange accounts for companies, short- and long-term loans and advances, loans for the acquisition of business premises and letters of guarantee for various purposes. The Bank's other services include capital market and mutual fund services, as well as fixed orders, money transfers, imports and exports, pension payments and safe boxes. It has six subsidiaries and operates a network of 80 branches in Greece.
  • TickerTATT
  • ISINGRS001003029
  • SectorBanks
  • CountryGreece

Attica Bank - Q419 showed good momentum

Attica’s Q419 results showed good progress, with revenue sharply up and costs lower than expected. Impairment charges were higher, but underlying PBT was still better than forecast. Uncertainty around the COVID-19 pandemic greatly complicates forecasting at this stage. Our new numbers have higher impairment assumptions, mostly in 2020 and 2021. However, Attica’s strategy of strong asset expansion and its focus on the energy, infrastructure and green economy remains firm. There is just a time shift in achieving income targets. Successful execution would allow ROE to approach 6.8% (previously 7....

Attica Bank - Refocus and grow

After a substantial balance sheet clean-up, Attica Bank is now beginning to implement its plan to refocus the business and expand its loan book. The time taken to refine and approve the strategy has deferred a return to profitability. Q2 and Q319 were significantly weaker than expected and we now expect profits only in 2021. The plan is to double the loan book in three years, with more cost cutting, a rebranding and a targeted approach to small business lending and the professional personal market. Through additional securitisations, management is hoping to reduce the legacy NPL book to zero b...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior

Robin Savage

Tatton Asset Management (TAM LN)

What’s new: Tatton’s trading update for the six months to 30 September is accompanied by a bolt-on acquisition: Tatton has agreed to acquire Sinfonia Asset Management for up to £2.7m (£2.0m on completion; £0.7m on performance) from the Tenet Group. The trading update confirms that “The Group continues to trade in line with the Board’s full year expectations”. Evidence of continued growth is:  14.8% rise in Group AuM to £7.0 billion (30/918: £5.7 billion: 22.8% rise YoY; 31/3/19: £6.1 billion: 14.8% rise over the past 6 months) ­ - 1H organic net inflows of £441m increased AuM by 7.2%; ­ - M...

Attica Bank - Ready for growth

After cleaning up the balance sheet and cutting costs, Attica Bank’s key aim now is to grow into its cost base with normalised impairments while refocusing on the SME sector. Attica will have to be mindful of capital (fully loaded end-2018 CET1 is 8.9%, statutory is 13.5%), but liquidity looks comfortable (loan/deposit 69% and no more ELA) and unlikely to slow it down. We have reduced forecasts due to weaker than expected 2018 results and now expect ROTE 2020 of 3.2% (4.2% before). Attica is trading on a 2018 P/NTA of 0.2x, and our valuation remains at 0.28x (€0.27/share).

Attica Bank - Q419 showed good momentum

Attica’s Q419 results showed good progress, with revenue sharply up and costs lower than expected. Impairment charges were higher, but underlying PBT was still better than forecast. Uncertainty around the COVID-19 pandemic greatly complicates forecasting at this stage. Our new numbers have higher impairment assumptions, mostly in 2020 and 2021. However, Attica’s strategy of strong asset expansion and its focus on the energy, infrastructure and green economy remains firm. There is just a time shift in achieving income targets. Successful execution would allow ROE to approach 6.8% (previously 7....

Attica Bank - Refocus and grow

After a substantial balance sheet clean-up, Attica Bank is now beginning to implement its plan to refocus the business and expand its loan book. The time taken to refine and approve the strategy has deferred a return to profitability. Q2 and Q319 were significantly weaker than expected and we now expect profits only in 2021. The plan is to double the loan book in three years, with more cost cutting, a rebranding and a targeted approach to small business lending and the professional personal market. Through additional securitisations, management is hoping to reduce the legacy NPL book to zero b...