T BANK S.A.
Corporate Presentation of ASPIS BANK at the Associciation of Greek Institutional Investors
On the publication of its annual financial statements and as part of its ongoing investor relations, ASPIS BANK held a corporate presentation at the premises of the Association of Greek Institutional Investors.
The presentation focused on the analysis of the full year 2007 results, the actions taken by the Management of the Bank during 2007 with the aim to implement its main strategic targets and the prospects of its action plan for 2008.
While presenting full year 2007 results, the General Manager of Financial Services and Capital Markets, Mr Diomedes Nikoletopoulos, underlined that the Bank completed several actions with long-term benefits for its growth. He focused on the Bank's operational restructuring in terms of infrastructure and procedures, specifically the launch of the new core banking IT system and its new organizational plan. This new organizational plan is based on those business sectors that the Bank will emphasize hereafter, i.e. consumer credit and SME financing. He also, referred to the funds of euro 90 million raised promptly from the international capital markets via the issue of Tier I Hybrid capital and Lower Tier II subordinated notes as a further enhancement of the Bank's already high capital adequacy. Referring to the prospects for 2008 and the recent developments in the international credit markets, he pointed out that the banking sector, including ASPIS BANK, is undergoing a period of uncertainty with banks facing new challenges of increased deposit and inter-bank funding costs. On that basis, ASPIS BANK will confront these new challenges relying on its revised business model and the benefits that will be gained from its upgraded infrastructure and systems, mainly in terms of reduced operating costs.
During the analysis of full year 2007 results, it was noted that the Group's basic economic figures grew. Analysis per business line followed, pointing out purely banking activities, i.e. retail and corporate banking as major source of revenue. The Group's profitability was mainly affected by the charge of extraordinary tax and the pressure on its interest margins due to the increased cost of deposits and the lower yields of mortgage loans, which traditionally form the major part of Bank's loan portfolio. Bottom line results were additionally affected by the increased cost of servicing of euro 140 million hybrid and subordinated capital raised which is, however, offset by the very high total capital adequacy ratio.
The corporate presentation of the Bank is available on its website, www.aspisbank.gr and on the website of Athens Exchange, www.ase.gr .
The presentation focused on the analysis of the full year 2007 results, the actions taken by the Management of the Bank during 2007 with the aim to implement its main strategic targets and the prospects of its action plan for 2008.
While presenting full year 2007 results, the General Manager of Financial Services and Capital Markets, Mr Diomedes Nikoletopoulos, underlined that the Bank completed several actions with long-term benefits for its growth. He focused on the Bank's operational restructuring in terms of infrastructure and procedures, specifically the launch of the new core banking IT system and its new organizational plan. This new organizational plan is based on those business sectors that the Bank will emphasize hereafter, i.e. consumer credit and SME financing. He also, referred to the funds of euro 90 million raised promptly from the international capital markets via the issue of Tier I Hybrid capital and Lower Tier II subordinated notes as a further enhancement of the Bank's already high capital adequacy. Referring to the prospects for 2008 and the recent developments in the international credit markets, he pointed out that the banking sector, including ASPIS BANK, is undergoing a period of uncertainty with banks facing new challenges of increased deposit and inter-bank funding costs. On that basis, ASPIS BANK will confront these new challenges relying on its revised business model and the benefits that will be gained from its upgraded infrastructure and systems, mainly in terms of reduced operating costs.
During the analysis of full year 2007 results, it was noted that the Group's basic economic figures grew. Analysis per business line followed, pointing out purely banking activities, i.e. retail and corporate banking as major source of revenue. The Group's profitability was mainly affected by the charge of extraordinary tax and the pressure on its interest margins due to the increased cost of deposits and the lower yields of mortgage loans, which traditionally form the major part of Bank's loan portfolio. Bottom line results were additionally affected by the increased cost of servicing of euro 140 million hybrid and subordinated capital raised which is, however, offset by the very high total capital adequacy ratio.
The corporate presentation of the Bank is available on its website, www.aspisbank.gr and on the website of Athens Exchange, www.ase.gr .