National Bank of Greece (Cyprus): Net profit after tax of €13.6m, up 143% y-o-y

The National Bank of Greece (Cyprus) has recorded a 143% yearly increase on 2024's net profit after tax, reaching €13.6 million.

In a press release, the Bank said the results confirm “its consistently upward trajectory and its active role in strengthening the Cypriot economy” and highlighted “the effectiveness of the Bank’s strategy as well as its commitment to creating long-term value for customers, employees, and shareholders”.

According to the press release, total assets reached €1.2 billion, marking an annual increase of 123%, “a result of growing customer trust and the Bank’s strengthened market presence”, as it is noted.

The Cost-to-Income Ratio stood at 48.6%, improving by 24% compared to 2023 — a development the Bank attributes to “targeted investments in human capital and digital infrastructure, aimed at long-term efficiency and enhancing the customer experience.”

Meanwhile, the Non-Performing Loans (NPL) ratio dropped to 1.8%, down by 560 basis points from the end of 2023, “confirming the effective management of credit risk and the consistently high quality of the loan portfolio.”

According to the Bank, its dynamic performance in lending continued, with new loans totaling €625 million in 2024. At the same time, the Common Equity Tier 1 (CET1) capital ratio reached 22.6%, “underscoring the Bank’s capital strength and resilience in a changing financial environment.”

In a statement, George Agioutantis, CEO of the National Bank of Greece (Cyprus), emphasised that “our 2024 results reflect our strategic consistency, our focus on quality, and our commitment to supporting the real economy. We began our transformation journey just three years ago, and today we are moving forward with a strong capital base, a healthy portfolio, and dynamic growth. Our goal is clear: to create sustainable value for our customers, our people, and our shareholders.”

In the press release the Bank added that it continued to systematically invest in digital transformation and service upgrades. “With a steady focus on shaping a modern, secure, and sustainable banking environment, (the Bank) remains committed to its mission of supporting all aspects of economic activity”, the press release concluded.