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dc.contributor.author
Malliaros, Aristotelis
en
dc.date.accessioned
2017-03-20T15:29:08Z
dc.date.available
2017-03-21T01:00:12Z
dc.date.issued
2017-03-20
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/15192
dc.rights
Default License
dc.subject
Sovereign crisis
en
dc.subject
Banking sector
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dc.subject
Financial ratios
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dc.subject
Risk indicators
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dc.title
The evolution of key financial ratios and risk indicators of the Greek banking sector during the domestic sovereign crisis
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heal.type
masterThesis
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heal.keywordURI.LCSH
Ratio analysis
heal.keywordURI.LCSH
Banks and banking--Risk assessment
heal.keywordURI.LCSH
Banks and banking--Greece
heal.keywordURI.LCSH
Finance--Econometric models
heal.keywordURI.LCSH
Debts, Public--Greece
heal.keywordURI.LCSH
Financial crises--Greece
heal.keywordURI.LCSH
Economic policy--Greece
heal.language
en
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heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
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heal.references
Articles Andrieș A. and Ursu S. (2016) . Financial crisis and bank efficiency: An em pirical study of European banks. Economic Research - Ekonomska Istraživanja, 29:1, 485 - 497, DOI: 10.1080/1331677X.2016.1175725 . Berger A. and DeYoung R. (1997) . Problem Loans and Cost Efficiency in Commercial Banks . Journal of Banking and Finance, Vol. 21, 1997 Available: https://www.federalreserve.gov/pubs/feds/1997/199708/199708pa p.pdf Chatzi I., Diakomihalis M. and Chytis E. (2015) . Performance of the Greek banking sector pre and throughout the financial crisis . Journal of Risk & Control, 2015, 2(1), pp. 45 - 69 . Available: h ttps://www.researchgate.net/publication/289107976_Perfor mance_of_the_Greek_bankin g_sector_pre_and_throughout_the_financial_crisis Darvas Z., Schoenmaker D. and Veron N. (2016). Reform of the European Union financial supervisory and regulatory architecture and its implications for Asia . Bruegel Working paper, I ssue 9. Avaliable: http://bruegel.org/2016/11/reform - of - the - european - union - financial - supervisory - and - regulatory - architecture - and - its - implications - for - asia/ Delphi International (1997). Report to the European commission - The role of financial institutions in achieving sustainable development. Available: http://ec.europa.eu/environment/archives/finserv/fisum.pdf European Parliament (2013) . Regulation (EU) No 575/2013. Official Journa l of the European Union . Available : http://eur - lex.europa.eu/legal - content/en/TXT/?uri=celex%3A32013R0575 Mehta A. (2012) . Financial Performance of UAE Banking Sector - A Comparison of before and during Crisis Ratios. International Journal of Trade, Economics and Finance, Vol. 3, No. 5, October 2012. Muda M., Shaharuddin A. and Embaya E. (2013) . Profitability Determinants and the Impact of Global Financial Crisis: A Pane l Data Analysis of Malaysian Islamic Banks. Research Journal of Finance and Accounting Vol.4, No.7, 2013. Parasha r S.P. and Venkatesh J. (2010) . How did Islamic banks do during global financial crisis? Banks and Bank Systems, Volume 5, Issue 4, pp . 54 - 62, 2010 . Stournaras Y. (2016) . Breaking the Bottlenecks - Steps towards Sustainable Growth . London Business School Greek Alumni Association and Stanford Club . Yu S. (2016) . Sovereign and Bank Interdependencies — Evidence from the CDS Market . Research in Inte rnational Business and Finance 39 (2017) pp. 68 – 84 . - 38 - Book s Lewitt, M. (2016) . The Committee to Destroy the World: Inside the Plot to Unleash a Super Crash on the Global Economy, US: Jonh Wiley & Sons . Pelagidis T. & Mitsopoulos M. (2016). Who’s to Blame f or Greece?: Austerity in Charge of Saving a Broken Economy. UK: Palgrave Macmillan. Websites Athanasoglou P., Brissimis S. and Delis M. (2005) Bank - specific, industry - specific and macroeconomic determinants of bank profitability. Available : http://www.bankofgreece.gr/BogEkdoseis/Paper200525.pdf Bank of Greece (2013) . Management Committee Act 13/28.3.2013 . Available: ht tp ://www.bankofgreece.gr/BogDocumentPEE/%CE%A0%CE%95%CE%95_13_28_3_2 013.p df Capital & Conflict (2013). Cost/Income ratio definition. Available: http://moneyweek.com/glossary/cost - income - ratio/ Czarnowska M. and Schmölzer M. (2015). Greece's downfall - Europ e's end. Available: http://www.wienerzeitung.at/nachrichten/top_news/760529_Griechenlands - Untergang - Europas - Ende.html Dietrich A. and Wanzenri ed G. (2010) . Determinants of bank profitability before and during the crisis: Evidence from Switzerland . Avail able: http://ssrn.com/abstract=1370245 Economist (2016). Greece’s biggest banks may appear to b e out of danger, but they are not. Available: http://www.economist.com/news/finance - and - economics/21694534 - greeces - biggest - banks - may - appear - be - out - danger - they - are - not - front Greiff J. (2013). Will Your Bank Die of Cancer or a Heart Attack? Available: https ://www.bloomberg.com/view/articles/2013 - 04 - 16/will - your - bank - die - of - cancer - or - a - heart - attack - Hellenic Republic, Embassy of Greece in Poland, Press & Communication Office (2009). Updated Stability & Growth Programme. Available: https://greeceinfo.wordpress.com/2009/02/09/greece - updated - stability - growth - programme/ Investopedia. Loan loss provision definition Available: http://www.investopedia.com/terms/l/loanlossprovision.asp Investopedia. Loan to deposit ratio definition Available: http://www.inv estopedia.com/terms/l/loan - to - deposit - ratio.asp?ad=dirN&qo = investopediaSiteSearch&qsrc=0&o=40186 - 39 - Investopedia. Profit Before Tax – PBT definition . Available: http://www.investopedia. com/terms/p/profitbeforetax.asp Investopedia. Return on average assets - ROAA definition . Available: http://www.investopedia.com/terms/r/roaa.asp Moody’s Investor Service (2011). Banking accou nt and ratio definitions. Available : https://www.scribd.com/document/250823272/Banking - Account - and - Ratio - Definitions MyAccounting. Equity ratio definition . Avai lable: http://www.myaccountingcourse.com/financial - ratios/equity - ratio ReadyRatios . Return on Average Equity (ROAE) definition . Available: http://www.readyratios.com/reference/profitability/return_on_average_equity_roae.html Ross S. (2015) . What net interest margin is typical for a bank? Available: http://www.investopedia.com/ask/answers/061715/what - net - interest - margin - typical - bank.asp Subject Money. Loan loss ratio definition . Available: https://www.subjectmoney.com/definitiondisplay.php?word=Loan%20Loss%20Ratio Tzortzi E. (2016) . Mattress cash is used to pay taxes . Available: http://www.ekathimerini.com/213999/article/ekathimerini/b usiness/mattress - cash - is - used - to - pay - taxes World Bank (2015). Non - performing loans - country data from around the world . Available: http://www.theglobaleconomy.com/rankings/Nonpe rforming_loans/
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heal.recordProvider
School of Economics, Business Administration and Legal Studies, Executive MBA
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heal.publicationDate
2017-03-20
heal.abstract
The objective of this study was to determine and assess the historical evolution of key financial ratios and risk indicators of the four Greek systemic banks (Alpha Bank, EuroBank, National Bank of Greece and Piraeus Bank), before and during the sovereign financial crisis that initialized in 2009, in the aftermath of the global financial crisis. Based on financial data of 31/12/2015, these banks accounted for over 88% of the country’s banking assets and over 91% of the total customer deposits. The analysis employs, in annual frequency, selected financial ratios and specialized risk indicators, applicable specifically to the banking sector. The research period expands from 2004 to 2015, split in the pre-crisis (2004-2008) and crisis (2009-2015) years, as far as the domestic sovereign crisis is concerned. Moreover, the performance of the four domestic banks was compared to the average performance of a group consisting of 130 banks in Eurozone countries that are considered ECB-significant. Our analysis revealed that the sovereign crisis led to a severe deterioration of almost all financial ratios and risk indicators for the four domestic systemic banks. Furthermore, in most cases the negative impact of the crisis on the domestic banks’ performance was significantly higher than that of other financial institutions of similar characteristics in the Eurozone.
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heal.tableOfContents
ABSTRACT ................................ ................................ ................................ ...................... III CONTENTS ................................ ................................ ................................ ........................ V TABLE OF ILLUSTRATIO NS ................................ ................................ ............................ VII SECTION I. INTRODUCT ION ................................ ................................ .............................. 1 SECTION II. BACKGROU ND - SOVEREIGN CRISIS AND BANKING SECTOR IN GR EECE .... 1 SECTION III. LITERAT URE REVIEW ................................ ................................ .................... 5 SECTION IV. METHODOL OGY ................................ ................................ ........................... 8 SECTION V. DATA ANAL YSIS AND INTERPRETAT ION OF FINDINGS .............................. 11 G ENERAL P ERFORMANCE I ND ICATORS ................................ ................................ ................ 11 Asset Growth ................................ ................................ ................................ .... 11 Gross Loan Portfolio (Credit) Growth ................................ ............................... 12 Customer Deposit Growth ................................ ................................ ................ 13 E FFICIENCY & P ROFITABILITY I NDICATORS ................................ ................................ ........... 14 Cost to Income Ratio ................................ ................................ ........................ 14 Net Interest Margin ................................ ................................ ......................... 15 Profit before Tax ................................ ................................ .............................. 16 Return on Average Assets (ROAA) ................................ ................................ ... 17 Return on Average Equity (ROAE) ................................ ................................ .... 18 C APITAL A DEQUACY I NDICATORS ................................ ................................ ....................... 19 Tier I & Total C apital Ratios ................................ ................................ ............. 20 Shareholders’ Equity to Total Assets Ratio ................................ ...................... 22 A SSET Q UALITY I NDICATORS ................................ ................................ ............................. 23 Loan Loss Provisions to Gross Loans ................................ ................................ 23 Impaired to Gross Loans ................................ ................................ .................. 24 Loan Loss Reserves to Impaired Loan s Ratio ................................ ................... 25 L IQUIDITY I NDICATORS ................................ ................................ ................................ .... 26 Loans to Customer Deposits ................................ ................................ ............. 26 - vi - Liquid Assets to Deposits & Short - term (ST) Funding ................................ ...... 27 Liquid Assets to Total Assets ................................ ................................ ............ 28 Funding from the Eurosystem ................................ ................................ .......... 29 P ROBABILITY OF DEFAUL T ................................ ................................ ................................ . 30 SECTION VI. CONCLUSI ONS & RECOMMENDATION S ................................ ................... 31 B IBLIOGRAPHY ................................ ................................ ................................ ............... 37 APPENDICES ................................ ................................ ................................ .................... 40
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heal.advisorName
Charitou, Andreas
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heal.committeeMemberName
Charitou, Andreas
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heal.academicPublisher
SCHOOL OF ECONOMICS, BUSINESS ADMINISTRATION & LEGAL STUDIES
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heal.academicPublisherID
ihu
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heal.numberOfPages
59
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heal.spatialCoverage
Greece
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