The National Bank of Greece (Cyprus) posted a net profit after tax of €13.6 million for 2024, marking a 143 per cent increase compared to the previous year.
According to the bank’s annual results, total assets rose to €1.2 billion, a year-on-year increase of 123 per cent, attributed to “growing customer trust and the enhanced market presence of the bank”.
Moreover, the bank’s cost-to-income ratio improved to 48.6 per cent, a 24-percentage-point improvement from 2023.
The bank said that this demonstrates “targeted investments in human capital and digital infrastructure aimed at long-term efficiency and enhancing customer experience”.
At the same time, the non-performing loans (NPL) ratio declined to 1.8 per cent, down by 560 basis points from the end of 2023, “underscoring effective credit risk management and the consistently high quality of the loan portfolio”.
The bank also maintained strong lending activity throughout the year, with new loans totalling €625 million in 2024.
The Common Equity Tier 1 capital ratio stood at 22.6 per cent, something which the bank said reaffirms its “capital strength and resilience in a changing financial landscape”.
“Our 2024 results reflect our strategic consistency, our focus on quality, and our commitment to supporting the real economy,” said National Bank of Greece (Cyprus) CEO George Agioutantis.
“We began our transformation just about three years ago and today we are moving forward with a strong capital base, a healthy portfolio, and dynamic growth,” he added.
“Our goal is clear. To create sustainable value for our customers, our people, and our shareholders,” Agioutantis concluded.
