Addiko with a loss of 6.4 million euros by September – share price jump | 04/11/20

Addiko Bank posted a net loss of 6.4 million euros in the first nine months of 2020.

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Thanks to a profit in the third quarter that was half less than in the first half of the year (loss of EUR 12.2 million). In the first three quarters of 2019, the bank reported a net profit of EUR 23.4 million. The uncertainties in the corona crisis have caused credit risk costs and provisions to rise again, to EUR 37.8 million by September.

Addiko Bank emerged from the Hypo-Alpe-Adria-Südosteuropabanken in 2015. The bank has been listed on the Vienna Stock Exchange since 2019.

The operating result before credit risk costs increased by 48 percent to 42.4 million, according to the bank, this was supported by cost optimization, the institute announced on Wednesday.

The core capital ratio improved to 19.2 percent. The originally proposed dividend for 2019 remains deducted from the current capital ratio. The Management Board is planning a conditional dividend decision at the upcoming virtual general meeting on November 27, 2020. As reported, a replacement for the resigned Chairman of the Supervisory Board and his deputy must also be chosen at this Annual General Meeting.

For the full year 2020, Addiko has revised the outlook and now expects gross customer receivables of 3.6 billion (previously 3.5 billion euros) and credit risk costs at a maximum of 1.5 percent on average loans and receivables from customers (previously 1.1 to 2 , 2 percent). The other forecast items remained the same, including an expected decline in net banking income of 7-10 percent.

In Vienna, the Addiko share gained 8.7 percent on Wednesday to EUR 8.12.

(Conclusion) rf / itz

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