Attica Bank


€206.6m market cap

€0.45 last close

Attica is the fifth-largest bank in Greece, with assets of €3.45bn 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.

Investment summary

After cleaning up the balance sheet and cutting costs, Attica Bank’s key aim now is to grow into its cost base with normalised impairments while refocusing on the SME sector. Attica will have to be mindful of capital (fully loaded end-2018 CET1 was 8.9%, statutory 13.5% and Q119 12.5%), but liquidity looks comfortable and unlikely to slow it down (loan/deposit 69% with ELA funding eliminated at end March). Q119 figures showed a move into profit (PBT €1.1m) with lower interest and fee income more than offset by lower costs and gains on Greek government bonds. The non-performing exposure ratio of 34% was broadly in line.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 166.6 N/A 1.1 (0.51) N/A N/A
2018A 128.0 N/A 4.7 (0.51) N/A N/A
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Industry outlook

Attica intends to focus on its SME business banking activity to exploit attractive margins and an existing 2% market share. Rebuilding profitability will be achieved through voluntary retirement schemes; pricing leverage as the major Greek banks review their product offerings; and normalisation of impairments facilitated by reduced exposure to the collateral underpinning impaired loans and an economy anticipated to grow 2% pa with declining unemployment.

Last updated on 14/11/2019
Share price graph
Balance sheet
Forecast net cash (€m) 0
Forecast gearing ratio (%) N/A
Price performance
Actual 5.7 21.1 234.8
Relative* 1.6 8.7 138.8
52-week high/low €0.6/€0.1
*% relative to local index
Key management
Athanasios Tsadaris CEO
Koutsogiannis Nikos CFO