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.”
