Attica Bank reported a loss of €105.0m in FY21 (FY20: €306.4m), which included a €55.4m write-down from loan securitisation in Q421. Loan impairments remain high and were 1.6% of loans in FY21, while the cost income ratio was 147% (FY20: 100%). More positively, income trends were good (Q421 total revenue and interest income rose 104% and 53% q-o-q respectively). The various capital actions taken by management (including share issues and securitisations) have improved the balance sheet, which had a CET1 of 8.3% (4.9% fully loaded) versus 3.1% (-0.4%) at the end of FY20. Non-performing exposure (NPE) remains high at 33.6% (FY20: 41.7%). Despite improvements, Attica needs further capital actions to gain the scale needed for it to be profitable. We suspended forecasts in July 2021 until further clarity on the outcome of these capital actions.
