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National Bank of Greece (Cyprus) Achieves Remarkable €13.6 Million Profit in 2024

by News Editor

May 5, 2025

Overview of 2024 Financial Success

The National Bank of Greece (Cyprus) has reported a notable net profit after tax of €13.6 million for 2024. This represents a substantial 143% increase compared to the previous year, showcasing the bank’s strong performance.

Impressive Asset Growth

The bank’s total assets have seen a significant rise, reaching €1.2 billion, marking an impressive year-on-year increase of 123%. This growth is primarily attributed to the bank gaining increased customer trust and strengthening its presence in the market.

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Operational Efficiency and Loan Management

With a cost-to-income ratio now at 48.6%, a 24-percentage-point improvement, the bank demonstrates efficient use of resources through investments in its workforce and digital infrastructure. Furthermore, the bank achieved a notable decline in its non-performing loans (NPL) ratio, down to 1.8%, emphasizing effective credit risk management and a robust loan portfolio.

Interestingly, the bank’s consistent lending activities resulted in new loans totaling €625 million for the year, consolidating its support for the local economy.

Capital Resilience

With a Common Equity Tier 1 capital ratio of 22.6%, the bank continues to maintain a strong capital base amid the evolving financial environment. This aspect highlights its resilience and capability to adapt to market changes.

George Agioutantis, CEO of the National Bank of Greece (Cyprus), expressed optimism saying, “Our strategic direction is clear. We aim to create sustainable value for our customers, our team, and shareholders.”

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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.