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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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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

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In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.