The Hellenic Bank has announced losses of €191 mln for 2013, compared to 23.4 mln losses in 2012.

The amount includes losses of €29 mln from discontinued operations, due to the disposal of the branch network in Greece.

According to the bank’s preliminary financial results for the year that ended on 31 December 2013, released Friday, the index of non performing loans reached 45.7%.

Gross loans and advances to Cyprus customers stood by December 31, 2013 at €4.4 bln, recoding an annual decrease of 6%.

Customer Deposits also declined by 23% since December 2012, to €5.5 bln.

Net loans to deposit ratio stood at 65%, with zero funding from the European Central Bank, the Emergency Liquidity Assistance and with no dependency on the interbank market.

An announcement by the bank says that 2014 is expected to be another year of recession, adding that the Hellenic Bank Group will focus on managing credit risk efficiently.

It is also noted that the gradual lifting of temporary restrictive financial measures will reinforce the credibility of the financial system and the bank’s development prospects.