Impressive Financial Growth: Eurobank Cyprus Reaches €214M Net Profit In 2024

by News Editor

March 10, 2025

Eurobank Cyprus concluded 2024 with a striking net profit of €214 million, demonstrating heightened profitability alongside robust capital adequacy. These results underscore the bank’s unwavering resilience and effective management throughout a challenging year. Their current figures highlight a strong commitment to entrepreneurship and economic development in Cyprus.

Significant Financial Metrics

The bank saw a noteworthy year-on-year profit increase of €14.6 million, or 7.3%, leading to €258.7 million in profit before taxes. The strategic control of operational expenses, along with boosted income, reduced the Cost-to-Income ratio to 16.8%, down from 17.7% in the previous year.

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Robust Capital And Loan Quality

The Capital Adequacy and Common Equity Tier 1 (CET1) ratios reached an impressive 37.4%, enhancing its stability beyond the mandatory regulatory requirements. Loans rose to €2.973 million, with a Loans-to-Deposits ratio at 32.2%, reflecting continued strength in its lending portfolio.

Meanwhile, the Non-Performing Exposures (NPE) ratio held steady at a commendable 2.3%, indicating robust credit management practices.

CEO Insights

Andreas Petsas, CEO of Eurobank Cyprus, hailed 2024 as a monumental year, lauding the bank’s growing role in advancing sustainable entrepreneurship and its steadfast dedication towards green transition. For more insights on the financial landscape in Cyprus, explore our analysis of Cyprus banks’ lending trends.

Looking ahead, Petsas emphasized the bank’s ongoing commitment to enhance client services and support both personal and business growth.

The Future Forbes Realty Global Properties

The Rocks Project Advances Through Licensing Process In Pentakomo

by THEFUTURE.TEAM

June 5, 2026

Overview Of The Ambitious Development

A large tourism development in Pentakomo is moving through the licensing process. Known as The Rocks Project, the proposal includes a hotel, villas, apartments and a beach club along the coast east of Limassol.

Strategic Location And Broader Impact

Located along the coastal corridor between Limassol and Zygi, the project would form part of the wider Governor’s Beach area. The site is situated near several state and energy infrastructure facilities, including the Evangelos Florakis Naval Base in Mari, making it subject to additional planning and regulatory considerations.

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Master Plan And Key Infrastructure

Situated within the administrative boundaries of Pentakomo, the development is planned for the coastal area of Argaki Tou Mavrou. The project is being promoted by DRL5COMOS Properties Ltd and is supported by an environmental impact assessment prepared by P. Nikolaidis & Associates Ltd. The assessment is available for public consultation until July 3, 2026.

According to the master plan, operations are expected to begin in 2029. Plans include a 14,000-square-metre hotel with 126 rooms, a 900-square-metre spa and wellness centre, restaurants and dining facilities, 26 villas, 73 apartments and penthouses, and a 1,050-square-metre beach club with indoor and outdoor leisure areas. Parking facilities for 240 vehicles are also included in the proposal.

Integration With The Existing Landscape

The development plan allocates 12% of the site to public green space and includes an internal road network. Project documents indicate that several existing structures, including the Kalymnos Fish Tavern and current beach facilities, would be demolished as part of the redevelopment.

Regulatory And Institutional Considerations

The licensing process is ongoing and includes consultations with relevant local and government authorities. Comments submitted by the Ministry of Defence have not been made public due to the site’s proximity to the naval base. Those observations are expected to be reviewed by the environmental impact assessment committee during closed sessions.

Conclusion

With its carefully structured vision and strategic positioning, The Rocks Project promises to be a significant catalyst for economic and social growth in eastern Limassol. As it advances through the regulatory process, stakeholders remain focused on ensuring that this landmark development meets the highest standards of design, sustainability, and community integration.

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