ATEbank: Losses Of €905.1m In H1 2011
Agricultural Bank of Greece (ATEbank) recorded net losses after tax and minorities of €905.1 million in the first half of 2011, against €109.9 million in the corresponding period last year.
According to a statement, ATEbank will participate in the PSI program with the Group’s entire GGBs portfolio maturing up until end 2020, worth approximately €5.2 bn.
As of 30.6.2011, impairment losses were estimated at 16.7% corresponding to €836.4 mn, of which €762.0 mn were booked for the Bank and €74.3 mn for ATE Insurance. The exposure of ATEbank to GGBs maturing after 2020 is approximately €1.7bn
Theodoros Pantalakis, Governor of the Bank, commented:
“The approval by the Greek parliament of the Mid-Term Fiscal Strategy and the new bailout package with the private sector involvement agreed for Greece in the 21 July 2011Euro-Area Summit lay the ground for the country to effectively address its present economic difficulties under the strict condition that the Summit decisions are immediately put into effect and the necessary structural reforms are steadfastly implemented.
During the first half of 2011 ATEbank strengthened its capital position and managed to improve its pre-provision profitability while, continuing its prudent provisioning policy, it remained firmly focused on preserving its asset quality. The Group’s participation in the PSI program strongly supports accuracy and transparency of its financial statements while shielding the Group against future risks.
ATEbank in order to make up for the effects of its participation in PSI program will proceed with the adjustment of its already successfully ongoing Restructuring Plan along with a share capital increase .”
(capital.gr)