Nicosia: Hellenic Bank announced on Thursday a £45 million profit for the first quarter of 2025, noting it has had a ‘strong start’ this year.
According to Cyprus News Agency, the bank, members of the Eurobank Group, said in a press release that profit during the first quarter of 2025 reached £45 million. Commenting on the Hellenic Bank Group’s financial results for the three-month period ending March 31, 2025, Chief Executive Officer Michalis Louis stated that the Bank has reported ‘satisfactory financial results for the first quarter of 2025, demonstrating the resilience of our business model and the successful execution of our strategic priorities’.
In the first quarter of 2025, he said, according to the press release, the Bank reported a profit of £45 million after the one-off cost related to the voluntary exit scheme. ‘As a result of the profitability combined with the effective management of the risk-weighted assets base of the Bank, the pro forma Total Capital Adequacy Ratio increased further by 408 bps and amounted to 36.28%. Liquidity is maintained at high levels as demonstrated by the Liquidity Coverage Ratio of 493%,’ he added.
According to Louis, ‘2025 has started on a strong note for Hellenic Bank’. ‘Our balance sheet remains strong, with a Non-Performing Exposure (NPE) ratio of 2.4% (excluding the NPEs covered by the APS agreement), reflecting our prudent approach to risk management,’ he added. New lending reached £404 million, marking a 94% year-on-year increase and reaffirming our commitment to supporting the domestic economy and meeting the needs of our clients, he added.
Louis noted that, following the successful completion of its mandatory takeover bid, Eurobank Group has increased its stake to circa 98% and is now proceeding to secure full ownership. ‘As part of the Eurobank Group, we are focused on the integration of Hellenic Bank with Eurobank Cyprus and on further enhancing the customer experience, supporting economic growth, and delivering value to our clients,’ he said, adding that the acquisition of CNP Cyprus Insurance Holdings has been completed.
‘These developments are key milestones in our ambition to become one of the leading financial services institutions in Cyprus,’ he concluded.