AstroBank’s Robust Growth In 2024 And Strategic Acquisition By Alpha Bank

by News Editor

April 17, 2025

AstroBank recorded a significant boost in profitability and capital position for the year 2024, with net profits reaching €36.2 million, compared to €30.4 million in 2023, reflecting a 14.3% return on average equity (2023: 13.9%). Adjusted for non-recurring items, net income soared to €41.8 million, up from €39.4 million the previous year.

Operational Efficiency And Income Enhancement

The bank’s operating income remained steady at €97.6 million, while non-interest income climbed to €23.3 million. A strategic reduction in total expenses by 8.7% led to operating costs of €46.5 million, largely driven by streamlined operations and reduced voluntary retirement costs.

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The cost-to-income ratio improved significantly to 47.6% (2023: 52.3%), with pre-provision income growing by 10.3% to €51.2 million. Furthermore, a decrease in loan and asset impairments to €5.8 million further bolstered profitability.

Balance Sheet Metrics Highlight Stability

The bank reported a total asset reduction to €2,609 million, due to central bank financing repayments, while customer deposits rose by 2.8% to €2,216 million. The capital adequacy ratio showed a remarkable improvement to 31.1% (2023: 23.7%) alongside a CET1 ratio of 29.3% (2023: 22.1%). Liquidity remained robust with a coverage ratio of 467%.

The non-performing loans (NPL) ratio decreased to 10.6% from 14.9%, coupled with asset sales (REOs) totaling €40 million.

Strategic Acquisition By Alpha Bank Cyprus

On February 27, 2025, AstroBank formed a binding agreement with Alpha Bank Cyprus for the sale of nearly all banking operations, including assets, liabilities, and staff. The transaction, pending regulatory approval, is projected to conclude by Q4 2025, amounting to not less than €205 million.

CEO Aristides Vourakis praised the 2024 achievements, acknowledging decisive management actions and operational streamlining efforts over four years. These strategies, combined with an advantageous interest rate and macroeconomic climate, yielded significant outcomes.

Mr. Vourakis expressed optimism about the merger with Alpha Bank Cyprus, envisioning a strengthened banking group in Cyprus, poised to enhance the island’s economic framework.

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Cyprus Expects More French Visitors In 2027 As Air Capacity Expands

by THEFUTURE.TEAM

September 18, 2026

Cyprus expects more French visitors in 2027 as airlines increase capacity between the two countries, Tourism Deputy Minister Kostas Koumis said after meetings with tour operators in Paris.

France, one of Cyprus’ key tourism markets, has had a difficult 2026. French arrivals fell 46% year over year to 8,453 in August, from 15,663 a year earlier, according to the Statistical Service of Cyprus (Cystat). August arrivals were also nearly 50% below the 16,798 recorded in the same month of 2024.

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Overall, Cyprus received 2.82 million tourist arrivals between January and August, down 7% from the same period in 2025.

Air Connectivity Supports 2027 Outlook

Koumis discussed the 2027 outlook with senior executives from tour operators offering Cyprus holidays during the IFTM Top Resa travel trade fair in Paris.

Higher air capacity between France and Cyprus was a key focus of the talks. Participants also discussed the impact of geopolitical tensions in the Middle East on the French market and Cyprus’ efforts to adapt its tourism offering to French travelers.

“The French market is undoubtedly an extremely important market for our country’s tourism,” Koumis said, adding that France had regained importance only a few years ago and still had room to grow.

Improved air connectivity will be an important factor in that expansion, according to Koumis. “It is now clear that air connectivity between France and Cyprus is improving significantly, which is a basic prerequisite for the further growth of the market,” he said.

Cyprus Promotes Tourism And Regional Cooperation

Koumis attended the opening of IFTM Top Resa at the invitation of French Tourism Minister Serge Papin, who later visited the Cyprus stand. Held from Sept. 15 to 17 at Paris Porte de Versailles, the event brought together more than 32,000 tourism professionals representing 177 destinations and 1,650 brands, according to organizers.

During his visit, Koumis also met Egyptian Tourism Minister Sherif Fathy. Cyprus and Egypt reaffirmed their tourism cooperation and discussed opportunities to strengthen ties further.

French media interviews covered Cyprus’ tourism offering, infrastructure and services, along with efforts to develop specialized tourism products. Regional instability weighed on arrivals in 2026, particularly during the spring, although the decline narrowed over the summer.

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