At the end of 2024, Ancoria Bank reported a net profit of €7.9 million.
Although this was slightly down on 2023, when profit amounted to €8.3 million, the bank's key performance indicators demonstrate steady growth and stability in a changing economic environment.
Compared to the previous year, the bank's net interest income increased by 5%, while total operating income increased by 3%. This was made possible by a significant increase in interest income, which outpaced growth in interest expenses.
Interest income from funds placed with the Central Bank, in particular, more than doubled to €11.88 million compared to €5.07 million in 2023. This increase is due to the rise in the average interest rate (from 2.89% to 3.59%) and the increase in the balance with the Central Bank (from €285.1 million to €334.1 million).
Meanwhile, Ancoria Bank's interest expenses rose from €2.28 million to €11.56 million due to growth in customer deposits, which increased from €672 million to €742.6 million year on year, and the revision of terms and conditions for term deposits in line with rising market rates. Consequently, deposit expenses rose from €2.04 million to €11.36 million.
The ratio of gross loans to deposits fell from 47% to 43%, reflecting growth in attracted funds and a slight reduction in the loan portfolio. Total gross customer loans amounted to €317.4 million, compared with €318 million in 2023. Customer deposits grew by 10.5%, rising from €672 million to €742.6 million.
The liquidity coverage ratio (LCR) was 1,299%, which is well above the regulatory minimum but down from 1,542% a year earlier. The net stable funding ratio (NSFR) reached 267.81%, reflecting the bank's robust liquidity position.
Additionally, Ancoria Bank maintained a high level of capitalisation, with a total capital adequacy ratio of 25.21% and a CET1 ratio of 23.16%. Both of these ratios significantly exceed the minimum threshold of 15.61% set by the regulator.
The quality of the bank's loan portfolio remains high. The level of non-performing loans (NPLs) remained low at 1.9% throughout the year, demonstrating a balanced approach to risk management and high payment discipline among customers.
Despite the decline in net profit, 2024 was a year of strengthening key financial indicators, improving liquidity, growing the customer base and maintaining stability for Ancoria Bank. These results confirm the bank's reliability and its ability to adapt effectively to market changes while continuing to support its customers and develop its services.