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.

The Future Forbes Realty Global Properties

Modernizing Cyprus SMEs: Investment Initiatives Drive Competitive Excellence

by THEFUTURE.TEAM

February 19, 2026

SMEs: The Backbone Of Cyprus’ Economy

Small and medium-sized enterprises (SMEs) remain a central pillar of Cyprus’ economy, supporting employment, innovation and local production networks. Their long-term competitiveness increasingly depends on access to modern technologies, operational upgrades and targeted investment that improves efficiency and productivity.

The Thalia Initiative: A Strategic Investment Framework

The Thalia 2021–2027 Program plays a key role in supporting this transition. The initiative provides financial assistance to both new and established SMEs, particularly in manufacturing and selected economic sectors, helping businesses modernize infrastructure, upgrade technology and improve production capacity. With a total budget of €50 million and co-financing from the European Union, the program aims to strengthen competitiveness while encouraging entrepreneurship and job creation.

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Case Study: Pivo Microbrewery’s Production Revolution

Pivo Microbrewery illustrates how targeted investment can accelerate growth. Before receiving funding, co-owner Thanasis Poluneikis identified limited production capacity as a major obstacle to meeting rising demand. The introduction of modern machinery and updated technology has significantly improved production processes. According to Poluneikis, the new equipment has increased precision and consistency in quality control, helping maintain product freshness and standards throughout distribution. The upgrades also allowed the company to expand production and develop new partnerships, supporting broader market reach.

Enhancing Product Offerings: The Vanilla Aroma Bakery Experience

Vanilla Aroma Bakery represents another example of modernization through investment support. Owner Giannis Toumpas used the funding framework to upgrade both the facility layout and production equipment. The improvements have accelerated operations and increased efficiency, enabling the bakery to refine existing products while introducing new offerings. These changes have strengthened customer experience and reinforced the brand’s position in a competitive market where quality and presentation remain key differentiators.

Financial Support As A Catalyst For Growth

These examples highlight the role of the Thalia Initiative as a financing tool that translates investment into measurable business development. By supporting equipment upgrades, technology adoption and infrastructure improvements, the program contributes to the long-term sustainability of SMEs, encourages innovation and supports job creation. The continued modernization of small and medium-sized enterprises is helping build a more resilient and competitive business environment that supports broader economic growth in Cyprus.