On August 1st, Eurobank Cyprus released its financial results for the first half of 2024, showcasing significant growth and robust performance.
The bank reported a net profit of €105.7 million for the period from January to June 2024, marking a 16% increase compared to the same period in 2023. This translates to an additional €14.9 million in profit year-on-year.
This impressive growth was primarily driven by effective management of operating expenses coupled with an increase in operating income, leading to an improved cost-to-income ratio of 17%. The bank’s financial health further strengthened, with its capital adequacy and core tier 1 (CET1) capital ratios rising to 36% by the end of June 2024, an increase of 190 basis points since December 31, 2023. These ratios remain comfortably above the regulatory minimums required for 2024.
The bank also saw its loan-to-deposit ratio, excluding loans guaranteed by deposits, rise to 32.8%. Total deposits reached €7.47 billion, reflecting an increase of €371 million since the start of the year.
Eurobank Cyprus ended the first half of 2024 on a positive note, which has allowed it to continue its commitment to supporting entrepreneurship, sustainable investments, and its individual clients. Michalis Louis, CEO of Eurobank Cyprus, emphasized the bank’s ongoing focus on delivering high-quality, specialized services through a customer-centric approach—a key differentiator in the market.
As part of its customer-focused strategy, Eurobank Cyprus introduced a reduction of 50 basis points in the interest rate for mortgage customers in June 2024. Additionally, the launch of a new digital platform has modernized the bank’s private banking services, offering clients an expanded range of wealth management options.
“Eurobank Cyprus has consistently stood out for its integrated and innovative services in the private banking sector,” said Louis.
Source: stockwatch.com.cy