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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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 17/05/2022Content on Attica Bank
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Financials
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Share price graph
Balance sheet |
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| Forecast net cash (€m) | 0 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Theodoros N Pantalakis | CEO |
| Koutsogiannis Nikos | CFO |