Brief: Addiko Bank Q2 Loss After Tax Narrows To EUR 3.8 Million

Addiko Bank AG

19/08/2020 06:28

Aug 19 (Reuters) - ADDIKO BANK AG  ADKO.VI :
    * Q2'S RESULT AFTER TAX IMPROVED TO EUR -3.8MN VERSUS EUR
-8.4MN
IN 1Q20
    * H1: SIGNIFICANTLY STRENGTHENED TRANSITIONAL CET1 RATIO OF
19.0%
(IFRS 9 FULLY-LOADED CET1 RATIO OF 18.2%), COMMUNICATED 2019
DIVIDEND ALREADY DEDUCTED
    * OUTLOOK 2020: UPDATED OUTLOOK 2020, MID TERM TARGETS TO BE
REVIEWED BASED ON FURTHER CLARITY ON IMPACT OF COVID-19 PANDEMIC
    * H1 OPERATING RESULT BEFORE CHANGE IN CREDIT LOSS EXPENSES
AT A
SOLID EUR +27.6MN, UP BY 14.5% YOY TAMPERED BY FULL Q2 COVID-19
BUSINESS IMPACT
    * REMAINS COMMITTED TO ITS COMMUNICATED DIVIDEND PROPOSAL
    * FOR FULL YEAR 2020 GROUP EXPECTS GROSS PERFORMING LOANS TO
AMOUNT TO CA. EUR 3.5BN, NET BANKING INCOME TO BE 7-10% BELOW
LEVEL FOR YEAR 2019
    * FOR SECOND HALF OF 2020 ADDIKO GROUP EXPECTS LOWER LEVELS
OF
ACTIVITY ON NEW LOAN GENERATION, WHICH WILL CERTAINLY IMPACT NET
BANKING INCOME
    * FOR FY 2020 EXPECTS OPERATING EXPENSES TO REMAIN BELOW EUR
175MN, CREDIT LOSS EXPENSES ON FINANCIAL ASSETS TO BE IN RANGE
OF 1.1% TO 2.2% ON AVERAGE LOANS
    * REMAINS COMMITTED TO ITS COMMUNICATED DIVIDEND PROPOSAL
    * H1 NET INTEREST INCOME DECLINED BY 2.6% TO EUR 88.6MN
(1H19: EUR
91.0MN)

Source text for Eikon:  ID:nPexQsFL7a 
Further company coverage:  ADKO.VI 

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