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Hellenic Bank Reports €284 Million Net Profit By Q3 2024 Amid Strong Capital Growth

by THEFUTURE.TEAM
November 7, 2024

Hellenic Bank, Cyprus’ second-largest bank, announced a net profit of €284 million for the nine months ending September 2024, reflecting an annual increase of 28%. The bank attributes this growth to robust organic capital generation and a favourable interest rate environment, resulting in a capital ratio boost of nearly four percentage points. However, quarterly, the bank noted a slight decline in net interest income in the third quarter, affected by recent ECB rate cuts.

As Hellenic Bank’s first financial report as a subsidiary of the Greek Eurobank Group, CEO Michalis Louis stated that this transition marks “a new chapter” for the bank. He emphasized that, despite global challenges, the Hellenic Bank maintains a strong capital base and surplus liquidity, enabling it to support economic growth and meet the needs of both individual and business clients. Over the nine months, net interest income (NII) reached €455.6 million, a 20% increase year-on-year, although it remained stable at €151 million between the second and third quarters. Non-interest income also rose by 15% to €98.1 million.

The bank’s capital ratios improved significantly, with the CET1 capital ratio reaching 26.7% and the total capital ratio standing at 32.51% as of September 2024. Total expenses rose by 11% year-on-year to €216 million, with staff costs comprising 46% of these expenses. The cost-to-income ratio decreased slightly to 38.9%, compared to 41.7% for the same period last year, reflecting the bank’s efforts to optimize costs.

New lending for the nine months dropped by 22% year-on-year to €705 million, mainly due to high interest rates that dampened loan demand. Total loans by the end of September stood at €6 billion, down from €6.16 billion the previous year. Non-performing exposures (NPEs), as per the European Banking Authority directive, were €404 million, representing 6.7% of total loans; excluding loans covered by the Asset Protection Scheme (APS), NPEs amounted to €100 million, or 2.6% of loans.

Customer deposits stood at €14.9 billion at the end of September 2024, compared to €15.3 billion at the end of 2023. The bank’s Liquidity Coverage Ratio remained robust at 583%, bolstered by €5.3 billion in Eurosystem placements that benefited from current interest rates. Total assets were €17.61 billion at the end of September, reflecting a decrease due to ECB refinancing repayments under the Targeted Long-Term Refinancing Operations program.

Kuwaiti Ambassador Advocates For Strengthened Ties Between Cyprus And GCC Nations

by THEFUTURE.TEAM
February 5, 2025

The Kuwaiti Ambassador to Cyprus, Abdullah Musaed Al-Khorafi, has underscored the vital need to deepen dialogue between Kuwait, Cyprus, and the Gulf Cooperation Council (GCC) nations, as well as the broader Arab world. He made these remarks during a luncheon held at his Nicosia residence on February 4, which brought together key diplomatic figures.

The event was hosted in honor of Annita Demetriou, President of the House of Representatives of Cyprus, and was part of a series of high-level diplomatic gatherings organized by the Kuwaiti Embassy in Cyprus. Among the attendees were the ambassadors and heads of Arab diplomatic missions in Cyprus, as well as representatives from the U.S. and Swiss embassies.

Ambassador Al-Khorafi took the opportunity to lead an expanded discussion on pressing regional and international developments, focusing particularly on the Middle East. Topics included the ongoing crises in Syria, Lebanon, and Palestine, with a strong emphasis on how these events affect regional stability.

The luncheon also served as a platform for talks on enhancing cooperation between Cyprus and GCC countries, as well as broader Arab nations. The discussions highlighted opportunities to strengthen ties in key sectors such as education, culture, trade, investment, and tourism. The aim is to build closer connections between people and foster mutual benefits.

In his opening speech, Ambassador Al-Khorafi stressed the importance of promoting dialogue at both governmental and societal levels, not only between Kuwait and Cyprus, but across the entire GCC and Arab world. He expressed his gratitude for the presence of President Demetriou, noting that her participation symbolized Cyprus’ commitment to advancing relations with Kuwait and its regional partners.

President Demetriou, in turn, thanked the ambassador for his hospitality, reflecting on the fruitful discussions and shared goals for enhancing Cyprus’ relations with Kuwait and the wider Arab world. She reaffirmed the importance of cooperation and strategic partnerships between Cyprus and the GCC countries, especially in areas of mutual interest and concern.

This meeting, according to Demetriou, was a testament to the strong diplomatic relations between Cyprus and Kuwait, as well as the ongoing efforts to broaden and deepen ties with the Arab world.

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