Ancoria Bank announces €3m profit after tax

09:37 - 08 June 2023

Financial Services

Ancoria Bank Ltd said it recorded a profit after tax of €3m in 2022, compared with €1m a year earlier, as it announced its Audited Financial Results for the year ended 31 December 2022.

It also saw further growth of its loan book, with gross loans reaching €334.1m, recording an increase of 8% year-on-year.

Ancoria Bank had strong capital adequacy, with a Total Capital Ratio (TCR) and Common Equity Tier 1 (CET1) ratio of 19.65%, and 17.48% respectively, comfortably above the regulatory minimum of 14.61% - including the SREP requirement.

Furthermore, the bank had substantial excess liquidity with deposits reaching €429.8m, recording an increase of 16.4% year-on-year and registering a Liquidity Coverage Ratio (LCR) of 544% compared to a minimum requirement of 100%.

Asset quality remained at high levels, with the Non-Performing Exposures (NPE) ratio based on the European Banking Authority’s definition at 0%.

“Ancoria Bank continued its positive growth for another year, remaining focused on its strategic goal of being a reliable financial partner to its customers laying solid foundations for long-term relationships,” the bank said.

Ancoria Bank Ltd has been registered as a limited liability company under the Cyprus Companies Law, Cap.113, since 2013.

For the full financial results, click here

Ancoria Bank announces €3m profit after tax

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