Eurobank Cyprus records net profit of €214m in 2024

With a net profit of €214m, Eurobank Cyprus ended 2024 with increased profitability, strong capital adequacy and maintained its good loan portfolio quality.

In a press release, the bank said the results reaffirm its sound performance and resilience, the effective management of challenges in 2024, as well as the significant contribution of Eurobank Cyprus towards entrepreneurship and the development of the Cyprus economy.

In particular, Eurobank Cyprus record a net profit after tax of €214m, recording an increase of €14.6m or 7.3%, compared to 2023. Profit before tax reached €258.7m.

Effective management of operational costs combined with an improvement in operating income, led to a further reduction of the Cost-to-Income ratio to 16.8% in 2024 from 17.7% in 2023.

The Capital Adequacy and Common Equity Tier 1 (CET1) ratios remained robust, reaching 37.4% in 2024, an increase of 330 basis points compared to 31 December 2023. The bank noted that these ratios are significantly higher than the minimum regulatory requirements set for 2024.

The Loans-to-Deposits ratio (excluding loans secured by deposits) was 32.2%, with total deposits reaching €7.882m. Total loans rose to €2.973m compared to €2.844m in 2023.

The Non-Performing Exposures ratio (NPE ratio as per EBA guidelines) remained at “the very satisfactory level” of 2.3%.

Andreas Petsas: 2024 was a very important and productive year for Eurobank Cyprus

In his statement, Andreas Petsas, CEO of Eurobank Cyprus said: “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.

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.

Our financial performance in 2024 reflects the vision and commitment of Eurobank Cyprus to contribute significantly to the growth of the Cyprus economy, as well as, its emphasis on supporting sustainable entrepreneurship through financing and other related initiatives. We remain committed to continuously improving the level of service we offer our clients and supporting their business and personal plans. At the same time, we adopt Green Transition and Sustainable Development, by promoting sustainable practices across our operations.”