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Hellenic Bank’s Transformative Year: A Look at 2024 Achievements and Future Plans

by News Editor

February 27, 2025

In a remarkable financial year, Hellenic Bank (HB) announced a landmark €383 million profit for 2024, highlighting a pivotal transformation in its operations and ownership structure. Michalis Louis, CEO of Hellenic Bank, emphasized the year’s significance, pointing to robust financial performance and strategic growth.

With its integration into the Eurobank Group, HB is on track to become one of Cyprus’s leading financial powerhouses. The merger will strengthen its position, creating a formidable banking entity. Further bolstering its market influence, Hellenic Bank is set to finalize the acquisition of CNP Cyprus Insurance Holdings, solidifying its status as a top insurance provider in the region.

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The bank reported a CET1 ratio of 28.7% and a Total Capital ratio of 32.2%, far surpassing the regulatory minimums. Its de-risked balance sheet is noteworthy, with a non-performing exposure ratio of 2.4% and coverage of 63%. These metrics reflect a strategic focus on stability and growth.

Hellenic Bank’s financial achievements are underscored by a 10% year-over-year net profit increase and a 23% return on tangible equity. With €1.1 billion in new lending, the bank remains committed to propelling the domestic economy forward. The liquidity coverage ratio of 519% indicates strong fiscal health and readiness for future expansion.

Looking ahead, Eurobank Group’s anticipated complete acquisition of HB will cement the bank’s influence in the sector. Michalis Louis expressed optimism about the upcoming merger with Eurobank Cyprus, seeing it as a strategic alignment to enhance customer services and product offerings.

As Hellenic Bank grows, it remains dedicated to supporting the Cypriot economy, fostering economic growth, and ensuring a sustainable banking system. This commitment extends to the impending acquisition of CNP Cyprus Insurance, expected to conclude in early 2025.

In other notable figures, the 2024 financials reveal a 12% rise in net interest income to €599 million, alongside a solid cost-to-income ratio of 40%. Additionally, ample liquidity is demonstrated by the maintenance of €5.6 billion in the European Central Bank and a 36.6% net loans to deposits ratio.

Anchored by Eurobank Group’s extensive assets, Hellenic Bank is poised for continued growth, aiming to deliver unparalleled customer experiences in Cyprus.

For more on regional economic improvements, read about the New Tax Era in Cyprus and its implications.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.