Attica Bank

ASE: TATT

Market Cap€84m

Last Close €0.07

Attica Bank is the fifth-largest bank in Greece, with assets of €3.7bn and 48 retail branches in the main cities of Greece. It has an approximately 2% market share of business banking and around 2% market share of most retail banking products.

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Investment summary

Attica has completed its €240m share capital raise with the participation of the Hellenic Financial Stability Fund and the National Engineers Pension Fund. This takes the CET1 to 12% based on Q321 risk levels. The key challenge now is to significantly grow the bank as it is currently too small for its cost structure. Management’s stated aim is to double the size of the bank in three years from 2021 by focusing on the energy, green and infrastructure business loan segments. While the bank’s current size continues to affect its ability to generate interest income, we note the improving trend in fee income and operating costs in the Q321 numbers.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 71.6 N/A (23.6) 1.08 6.5 N/A
2020A 69.2 N/A (284.7) (66.18) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

The Greek economy is expected to continue to rebound from the COVID-19 crisis and much needed government investment in infrastructure is expecting to increase. Greek bank balance sheets have been strengthening while a rise in interest rates will help bank margins. We maintain our suspension of our Attica forecasts and valuation for the time being.

Last updated on 17/05/2022
Content on Attica Bank
Attica Bank – Q221 results and capital actions progress
Financials | research Update | 9 September 2021
Attica Bank – Capital actions to the fore
Financials | research Update | 6 July 2021
Attica Bank – Q419 showed good momentum
Financials | research Update | 18 June 2020
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Share price graph
Balance sheet
Forecast net cash (€m) 0
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (50.2) (58.7) (89.7)
Relative* (47.3) (54.6) (89.2)
52-week high/low €1.8/€0.1
*% relative to local index
Key management
Theodoros N Pantalakis CEO
Koutsogiannis Nikos CFO