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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Cyprus Could Turn 30,000 Empty Buildings Into New Homes

by News Editor

August 24, 2026

Vacant Properties Could Be Renovated For Housing And Community Use

Cyprus has an estimated 30,000 vacant or abandoned buildings that could be renovated and brought back into use, potentially helping ease pressure on the housing market, particularly for renters.

Former parliamentary Environment Committee chairman Charalambos Theopemptou examined how other EU countries deal with vacant properties and outlined several measures Cyprus could consider.

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Lessons From Europe

Countries such as Ireland, France, Spain and Portugal use different combinations of renovation grants, tax measures and urban renewal programmes to encourage owners to bring empty properties back into use.

Ireland offers grants of up to €50,000 for vacant homes and €70,000 for derelict properties, while France and Spain use tax measures in areas with high housing demand. Portugal supports renovation through a dedicated urban renewal fund. Cyprus currently offers grants of up to €40,000 for renovating a three-bedroom home.

Creating A National Register

Theopemptou suggested creating a comprehensive register of vacant, abandoned and dangerous buildings, with municipalities and communities working alongside the Interior Ministry and technical services.

Properties could be classified according to their condition, historical or architectural value and location. Buildings near schools, public transport, local centres or areas with demand for affordable housing could receive priority.

He also proposed combining financial incentives with simpler procedures and faster technical assistance for owners willing to restore unused properties.

Putting Empty Buildings To Work

Once renovated, vacant properties could provide affordable and student housing, small businesses, cultural spaces and other community facilities. Long-term leases, partnerships with owners, social enterprises and unused municipal buildings could also contribute.

Many properties may not require major reconstruction. Structural assessments, cleaning, basic repairs, energy improvements, accessibility upgrades and reconnection to utilities could be enough to return some buildings to use.

Theopemptou also called for faster permits for smaller renovation projects and greater use of EU funding linked to the Renovation Wave initiative. Local authorities could further improve transparency by publishing data on vacant properties, including how many have been classified as dangerous, renovated or returned to use.

Bringing more of Cyprus’s unused buildings back into circulation could increase the housing supply while revitalising neighbourhoods and improving quality of life.

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