National Bank of Greece (Cyprus) Achieves Remarkable €13.6 Million Profit in 2024

by News Editor

May 5, 2025

Overview of 2024 Financial Success

The National Bank of Greece (Cyprus) has reported a notable net profit after tax of €13.6 million for 2024. This represents a substantial 143% increase compared to the previous year, showcasing the bank’s strong performance.

Impressive Asset Growth

The bank’s total assets have seen a significant rise, reaching €1.2 billion, marking an impressive year-on-year increase of 123%. This growth is primarily attributed to the bank gaining increased customer trust and strengthening its presence in the market.

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Operational Efficiency and Loan Management

With a cost-to-income ratio now at 48.6%, a 24-percentage-point improvement, the bank demonstrates efficient use of resources through investments in its workforce and digital infrastructure. Furthermore, the bank achieved a notable decline in its non-performing loans (NPL) ratio, down to 1.8%, emphasizing effective credit risk management and a robust loan portfolio.

Interestingly, the bank’s consistent lending activities resulted in new loans totaling €625 million for the year, consolidating its support for the local economy.

Capital Resilience

With a Common Equity Tier 1 capital ratio of 22.6%, the bank continues to maintain a strong capital base amid the evolving financial environment. This aspect highlights its resilience and capability to adapt to market changes.

George Agioutantis, CEO of the National Bank of Greece (Cyprus), expressed optimism saying, “Our strategic direction is clear. We aim to create sustainable value for our customers, our team, and shareholders.”

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Monday.com To Cut 20% Of Workforce As It Expands AI Strategy

by THEFUTURE.TEAM

July 23, 2026

Monday.com, the Israeli workplace software company, is laying off about 630 employees, or roughly 20% of its workforce, as it restructures the business to support a leaner operating model and accelerate investment in artificial intelligence.

Restructuring Around AI

In a regulatory filing, the company said the workforce reduction is intended to better align resources with its AI strategy, which has become a central focus of its product development.

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Earlier this year, Monday.com expanded its AI offering by introducing the Monday.com AI Work Platform, designed to integrate AI agents into day-to-day business workflows.

The platform includes a no-code app builder, a customizable AI agent, workflow automation tools and a chatbot capable of generating reports, updating dashboards and assisting with routine tasks.

Part Of A Wider Industry Trend

Monday.com’s restructuring reflects a broader shift across the technology sector, where companies are reducing costs while increasing investment in AI development and infrastructure.

According to Layoffs.fyi, tech layoffs rose sharply in May, with 78% of companies citing AI-related restructuring as a factor behind job cuts this year. More than 122,000 technology roles have been eliminated worldwide in 2026, according to the tracker.

Restructuring Costs

Monday.com expects to record restructuring charges of between $45 million and $55 million as a result of the layoffs. The move highlights how software companies are reallocating resources to support AI-focused products and services as competition in the sector intensifies.

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