Geniki Bank announces net losses of 403.5 mln euros in 2010

Geniki Bank on Tuesday reported higher losses in 2010 compared with 2009, with net consolidated losses totaling 411 million euros, up from 109.5 million euros in the previous year. Losses at bank level totaled 403.5 million euros in 2010 from 107.6 million euros in 2009.

Operating revenues totaled 162.1 million euros, down 14.6 pct from the previous year, reflecting lower interest income as a result of a rise in non-performing loans. Operating expenses (excluding provisions) totaled 155.6 million euros, down 0.8 pct, while operating results (pre-provisions) totaled 6.5 million euros. A significant worsening of the country’s economic environment negatively affected the bank’s loan portfolio quality with bad debt provisions totaling 415.2 million euros, three times more than the previous year. Net loans totaled 3.5 billion euros, down 11.5 pct, while saving deposits and repos totaled 2.4 billion euros, down 11.5 pct over the same period.

Geniki Bank successfully completed a share capital increase plan raising 339.7 million euros, along with the issuance of preferred stock (convertible into common shares) raising 90 million euros.

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