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Hellenic Bank Reports €284 Million Net Profit By Q3 2024 Amid Strong Capital Growth

by THEFUTURE.TEAM

November 7, 2024

Hellenic Bank, Cyprus’ second-largest bank, announced a net profit of €284 million for the nine months ending September 2024, reflecting an annual increase of 28%. The bank attributes this growth to robust organic capital generation and a favourable interest rate environment, resulting in a capital ratio boost of nearly four percentage points. However, quarterly, the bank noted a slight decline in net interest income in the third quarter, affected by recent ECB rate cuts.

As Hellenic Bank’s first financial report as a subsidiary of the Greek Eurobank Group, CEO Michalis Louis stated that this transition marks “a new chapter” for the bank. He emphasized that, despite global challenges, the Hellenic Bank maintains a strong capital base and surplus liquidity, enabling it to support economic growth and meet the needs of both individual and business clients. Over the nine months, net interest income (NII) reached €455.6 million, a 20% increase year-on-year, although it remained stable at €151 million between the second and third quarters. Non-interest income also rose by 15% to €98.1 million.

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The bank’s capital ratios improved significantly, with the CET1 capital ratio reaching 26.7% and the total capital ratio standing at 32.51% as of September 2024. Total expenses rose by 11% year-on-year to €216 million, with staff costs comprising 46% of these expenses. The cost-to-income ratio decreased slightly to 38.9%, compared to 41.7% for the same period last year, reflecting the bank’s efforts to optimize costs.

New lending for the nine months dropped by 22% year-on-year to €705 million, mainly due to high interest rates that dampened loan demand. Total loans by the end of September stood at €6 billion, down from €6.16 billion the previous year. Non-performing exposures (NPEs), as per the European Banking Authority directive, were €404 million, representing 6.7% of total loans; excluding loans covered by the Asset Protection Scheme (APS), NPEs amounted to €100 million, or 2.6% of loans.

Customer deposits stood at €14.9 billion at the end of September 2024, compared to €15.3 billion at the end of 2023. The bank’s Liquidity Coverage Ratio remained robust at 583%, bolstered by €5.3 billion in Eurosystem placements that benefited from current interest rates. Total assets were €17.61 billion at the end of September, reflecting a decrease due to ECB refinancing repayments under the Targeted Long-Term Refinancing Operations program.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.