Attica Bank


Market Cap€36.9m

Last Close €4.8

Attica Bank is the fifth-largest bank in Greece, with assets of €3.5bn and 55 branches centred around Athens. It has a 2% market share of business banking and around 2% market share of most retail banking products.

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Investment summary

There were some encouraging signs in Attica’s Q221 results, with good momentum in core revenue while impairments have now been at relatively low levels for two quarters. But Attica needs to gain scale before it can be profitable and needs more equity: Attica’s statutory CET1 is now only 3.1% (3.7% in Q121). Attica is pushing forward with its capital strategy. The DTA to DTC conversion has been activated, which will result in €151m (about 500bp of H121 risk-weighted assets, RWA) of equity being injected while equity raising of up €240m for this year has been approved.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 71.6 N/A (23.6) 1.08 444.4 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

Attica has a market cap of c €40m and although the shares do reflect the ongoing restructuring risk, we believe there is a risk of much shareholder dilution. However, if the securitisations and capital raisings are successful, Attica will likely have a healthy balance sheet that would allow it to pursue its strategy of doubling the loan book in three years by focusing on the energy, green and infrastructure business loan segments. We are suspending our forecasts and valuation until there is greater clarity on the outcomes of these capital actions.

Last updated on 24/09/2021
Content on Attica Bank
Attica Bank – Q221 results and capital actions progress
Financials | Update | 9 September 2021
Attica Bank – Capital actions to the fore
Financials | Update | 6 July 2021
Attica Bank – Q419 showed good momentum
Financials | 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
Actual (52.9) (51.6) (52.5)
Relative* (51.1) (49.6) (66.3)
52-week high/low €17.2/€4.7
*% relative to local index
Key management
Theodoros N Pantalakis CEO
Koutsogiannis Nikos CFO