Attica Bank - FY21 results and capital actions progress
Attica Bank reported a loss of €105.0m in FY21 (FY20: €306.4m), which included a €55.4m write-down from loan securitisation in Q421. Loan impairments remain high and were 1.6% of loans in FY21, while the cost income ratio was 147% (FY20: 100%). More positively, income trends were good (Q421 total revenue and interest income rose 104% and 53% q-o-q respectively). The various capital actions taken by management (including share issues and securitisations) have improved the balance sheet, which had a CET1 of 8.3% (4.9% fully loaded) versus 3.1% (-0.4%) at the end of FY20. Non-performing exposure (NPE) remains high at 33.6% (FY20: 41.7%). Despite improvements, Attica needs further capital actions to gain the scale needed for it to be profitable. We suspended forecasts in July 2021 until further clarity on the outcome of these capital actions.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.
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