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Eurobank Cyprus unveiled its financial performance for the fiscal year 2023, revealing a remarkable after-tax profit surge of €199.4 million, marking a substantial 111 percent increase compared to the previous year's figures. This surge was accompanied by strengthened capital adequacy and notable enhancements in operational efficiency.
Michalis Louis, CEO of Eurobank Cyprus, expressed satisfaction with the bank's achievements, noting, "We have achieved increased profitability, stronger capital adequacy, and a historically low Non-Performing Loans (NPL) ratio, thus shaping a very high-quality loan portfolio." Louis highlighted the bank's adept management amidst challenges such as high inflation, geopolitical uncertainty, and the imperative of digital and green transitions, foreseeing the persistence of these challenges in 2024.
Louis reiterated the bank's commitment to maintaining a robust presence in Cyprus's economic landscape, catering to growing economic demands, and fostering the nation's economic development. He emphasized the bank's dedication to continuous improvement, personalized service delivery, and value creation for customers.
The bank's financial report detailed a significant rise in net profits after taxes to €199.4 million, accompanied by pre-tax profits of €239.2 million. Operational efficiency was notably enhanced, with the cost-to-income ratio dropping from 29 percent in 2022 to 18 percent in 2023, thanks to prudent management of operational costs and improved operational profits.
Eurobank Cyprus's Capital Adequacy Ratio and Common Equity Tier 1 (CET1) ratio stood strong at 34.1 percent in 2023, exceeding regulatory requirements significantly. Total deposits amounted to €7.09 billion, while total loans reached €2.84 billion, reflecting a healthy financial position.
Despite inflationary pressures and geopolitical uncertainties, the bank reported a net credit expansion of €114 million in 2023, further improving the quality of its loan portfolio. The Non-Performing Loans ratio remained low at 2.4 percent, underscoring the bank's prudent risk management practices.
Looking ahead, Louis emphasized the bank's focus on technological advancements, operational strengthening, and sustainable development. He outlined plans to reinforce the bank's operations, expand its loan portfolio and deposits, and advance its activities in wealth management. Additionally, the bank prioritizes sustainable development, with a focus on Environmental, Social, and Governance (ESG) goals and criteria, aiming to promote environmental stewardship, societal contribution, and responsible management.
In conclusion, Eurobank Cyprus's robust financial performance for 2023 reflects its resilience, effective management, and commitment to delivering value to its customers and contributing to Cyprus's economic growth.
By fLEXI tEAM