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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Non-Cypriots Overrepresented In Top And Bottom Wage Groups: A Closer Look At Wage Dynamics In Cyprus

by THEFUTURE.TEAM

October 14, 2025

Overview Of Wage Growth And Disparity

The Cypriot labor market is experiencing notable changes as the average gross monthly earnings have risen by 5.1 percent, reaching €2,483 in 2024, according to Cystat. However, while the overall increase paints an encouraging picture, the gap between the average and median wages—€1,881—signals persistent inequality. This discrepancy indicates that higher salaries are inflating the average, leaving many workers earning significantly less.

Sectoral Variations And Economic Activity

The detailed report unveils varied trends across economic sectors. In agriculture, forestry, and fishing, the lowest average earnings were recorded at €941, whereas the financial and insurance sector led the pack with an average of €4,710. The information and communication technology (ICT) sector saw a remarkable wage increase of 8.1 percent, and comparable gains were observed in human health, social work, water supply, and waste management activities. Even traditionally steady sectors such as manufacturing, construction, and wholesale trade registered double-digit earnings adjustments, reflecting a wide spectrum of growth across industries.

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Disparities Between Cypriot And Non-Cypriot Earnings

One of the report’s most striking revelations is the disproportionate representation of non-Cypriot workers in both the lowest and highest wage brackets. For instance, while the average gross monthly earnings for Cypriot employees reached €2,506 with a median of €2,053, non-Cypriots earned an average of €2,434 and a markedly lower median of €1,544. The earnings gap is further underscored by sector-specific differences: non-Cypriots in fields such as ICT and education often command significantly higher wages compared to their Cypriot counterparts, yet they are equally represented among those with earnings below €1,500 per month.

Implications For Policy And The Labor Market

The report’s insights into wage structures and demographic distinctions offer a critical perspective for policymakers and business leaders. The overrepresentation of non-Cypriots in both the upper echelons and the lower end of the wage spectrum highlights the complexities of labor market segmentation. Such disparities could prompt renewed debates about labor equity, integration policies, and the need for targeted interventions aimed at reducing wage inequality. As Cyprus continues its upward trajectory in average earnings, addressing these imbalances will be essential to fostering a more inclusive economic landscape.

Conclusion

The latest figures from Cystat illuminate both progress and challenges in the Cypriot wage landscape. While wage growth is apparent across sectors, the uneven distribution of earnings—further exacerbated by significant discrepancies between Cypriot and non-Cypriot workers—calls for a more nuanced understanding of labor market dynamics. The data underscore the need for strategic policy measures to bridge the gap between different worker demographics and ensure that growth benefits are broadly shared across the entire workforce.

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