Eurobank Cyprus on Friday announced that it posted a net profit after tax of €214 million in 2024, marking a €14.6 million increase from the previous year, corresponding to a rise of 7.3 per cent.
In addition, profit before tax reached €258.7 million, with the announcement stating that the results “reaffirm the bank’s sound performance and resilience”.
In addition, it highlighted its “effective management of challenges in 2024, as well as the significant contribution of Eurobank Cyprus towards entrepreneurship and the development of the Cyprus economy“.
The bank maintained strong capital adequacy, with its Capital Adequacy and Common Equity Tier 1 (CET1) ratios rising to 37.4 per cent in 2024, an increase of 330 basis points from the end of 2023.
These figures remain significantly above the minimum regulatory requirements for the year.
“2024 was a very important and productive year for Eurobank Cyprus, as demonstrated in our annual financial results, which confirm the bank’s successful business model,” said CEO Andreas Petsas.
“We have achieved increased profitability and stronger capital adequacy, well above the minimum regulatory requirements, while maintaining the quality of the Bank’s loan portfolio,” he added.
Furthermore, Petsas said that the bank’s financial performance in 2024 “reflects the vision and commitment of Eurobank Cyprus to contribute significantly to the growth of the Cyprus economy”.
He also connected the results to the bank’s “emphasis on supporting sustainable entrepreneurship through financing and other related initiatives”.
Meanwhile, operational efficiency improved as the Cost-to-Income ratio declined further to 16.8 per cent from 17.7 per cent in 2023, driven by effective cost management and higher operating income.
The bank’s financial stability was also reflected in its loan portfolio, with the Loans-to-Deposits ratio (excluding loans secured by deposits) standing at 32.2 per cent.
Total deposits reached €7.88 billion, while total loans increased to €2.97 billion from €2.84 billion in 2023.
The bank’s Non-Performing Exposures (NPE) ratio remained at a low and stable 2.3 per cent, in line with European Banking Authority (EBA) guidelines.
“We remain committed to continuously improving the level of service we offer our clients and supporting their business and personal plans,” Petsas stated.
“At the same time, we adopt green transition and sustainable development [principles], by promoting sustainable practices across our operations,” the Eurobank Cyprus CEO concluded.
