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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.

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.

Cypriot Government Employment Sees Modest Growth in April

by THEFUTURE.TEAM
May 12, 2025

Total government employment in Cyprus increased by 237 persons, a rise of 0.4 per cent, in April, compared to the same month in 2024, reaching a total of 55,490 employees, according to the state statistical service.

Employment in the civil service and the security forces decreased by 1.2 per cent and 1.1 per cent respectively, while the educational service saw an increase of 3.8 per cent.

Civil Service and Educational Service Breakdown

In April 2025, the civil service employed 11,960 permanent staff, 4,141 employees with contracts of indefinite duration, 1,458 with contracts of definite duration, and 5,798 hourly paid workers.

Permanent employees represented the highest proportion of the civil service workforce at 51.2 per cent, while employees with contracts of definite duration made up the lowest proportion at 6.2 per cent.

In the educational service, there were 12,461 permanent employees, 947 with contracts of indefinite duration, 4,824 with contracts of definite duration, and 141 hourly paid workers.

Permanent staff formed the majority of the educational workforce at 67.8 per cent, while hourly paid workers accounted for only 0.8 per cent.

Security Forces Breakdown

Within the security forces, 8,430 were permanent employees, 4,304 held contracts of indefinite duration, 267 were on definite-duration contracts, and 759 were hourly paid workers.

Permanent employees again made up the largest group in the security forces at 61.3 per cent, with definite-duration contracts representing just 1.9 per cent.

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