Nicosia: The National Bank of Greece (Cyprus) recorded a 143% yearly increase on 2024’s net profit after tax, reaching £13.6 million.
According to Cyprus News Agency, the Bank stated in a press release that these results confirm “its consistently upward trajectory and its active role in strengthening the Cypriot economy.” The Bank highlighted the effectiveness of its strategy and commitment to creating long-term value for customers, employees, and shareholders.
The press release further revealed that total assets reached £1.2 billion, marking an annual increase of 123%, attributed to growing customer trust and the Bank’s strengthened market presence. The Cost-to-Income Ratio improved by 24% compared to 2023, standing at 48.6%, which the Bank credits to “targeted investments in human capital and digital infrastructure aimed at long-term efficiency and enhancing the customer experience.”
Additionally, the Non-Performing Loans (NPL) ratio dropped to 1.8%, down by 560 basis points from the end of 2023, indicating effective management of credit risk and the consistently high quality of the loan portfolio.
The Bank’s lending activities remained robust, with new loans amounting to £625 million in 2024. The Common Equity Tier 1 (CET1) capital ratio reached 22.6%, emphasizing the Bank’s capital strength and resilience in a changing financial environment.
George Agioutantis, CEO of the National Bank of Greece (Cyprus), stated 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.”
The Bank also noted its ongoing investment in digital transformation and service upgrades, maintaining a steady focus on creating a modern, secure, and sustainable banking environment while supporting all aspects of economic activity.