The important increase of the loans and the income out of banking transactions and, also, the activation of the five subsidiaries of the Bank are the main events in the developing course of the Bank of Attica, in the first half of the year 2002.
1. The Group of the Bank
The consolidated statements of the Bank, dated 30.06.2002, contain, for first time, figures and data of the five subsidiary companies belonging to its group, which are the ATTIKIS KERDOOS HERMES SECURITIES S.A., the ATTIKI A.E.D.A.K. (i.e. the Mutual Funds Management Company), the ATTIKIS LEASING S.A., the ATTIKI INVESTMENTS S.A. and the TECHNICAL AND TRAINING COMPANY FOR SOFTWARE AND HIGH TECHNOLOGY S.A.
Through these companies the Bank already offers an integrated packet of financial services to the Greek Market.
As a result of the activation of its financial group, the participations of the Bank to affiliated companies were shaped, on June 30, 2002, to € 44.5 million, increased by 193.5%, against the respective first half period of the year 2001.
2. Loans and Credits
Loan and credit facilities granted by the Bank rose to € 1,011.3 million, increased by 34.7%, against the respective period of the year 2001.
Particularly significant became the growth of the facilities gigures in the area of the Consumer Credit, by 40%, and the Mortgages, by 152%.
Parallel to these, provisions of the first half of the year 2001 increased by 29%, while the accumulated provisions formed to entirely cover eventual doubtful debts.
Deposits reached the amount of € 1,017.3 million, higher by 25.4%, against the first half of the pervious year.
Repurchase Agreements reached the amount of € 517 million, reduced by 22% in comparison with the same period of the previous year. This decrease was due to the taxation of the Repos and obeying to the policies exercised by the Bank and aiming to strengthening liquidity and reducing funds pumping costs.
Developments referring to the operating results of the Bank proved to be particularly satisfactory given that;
- Interest from loans increased by 21.5%,
- Commissions collected increased by 21.2%,
- Total operating income, those of financial transactions excepted, increased by 8.2%.
Negative circumstances in the area of the capital markets triggered an important decrease of the income from financial transactions, shaping the results of the first half period to lower levels.
More specifically, operating results of the Bank, prior to any amounts allocation for deprecetiations and provisions to be made, reached the sum of € 15.9 million and show a fall of 18%, against the respective period of the year 2001.
Profits, prior to taxation, for the first half of the year 2002 rose to € 9.4 million, decreased by 33.8%, against the first half of the year 2001.
Net consolidated profits were formed to € 9.3 million, always in comparison with the respective period of the previous year.
Net investments made by the Bank in fixed assets rose to € 11 million and refer mainly the implementation of the new IT system.
It should be remarked that since 01.07.2002 the new autonomous customer focused IT System of the Bank has been set into function. This system is the supporting ground for the creation and the distribution of new products under decreased operating costs.