Eurobank Cyprus announced on Thursday 1st August its profits for January to June 2024.
According to Cyprus' largest financial institution, its net profit after all taxes for the first half of the year totalled €105.7 million, an increase of €14.9 million or 16 per cent compared to the same period in 2023.
Effective management of operating expenses, combined with an increase in operating income, led to a further improvement in the cost-income ratio to 17 per cent.
Eurobank also improved its capital adequacy and core tier 1 (CET1) capital ratios to 36 per cent in the first half of 2024, an increase of 190 basis points compared to 31 December 2023. It should also be noted that these ratios remain well above the minimum regulatory requirements set for 2024. The loan-to-deposit ratio, excluding deposit-guaranteed loans, increased to 32.8% and total deposits reached € 7.47 billion, up € 371 million YTD.
The first half of 2024 ended with a positive outlook, enabling the bank to continue supporting entrepreneurship, sustainable investments and its individual clients. Our main priority is to continue to develop and provide high quality specialised services to our customers, using a customer-centric approach, which has always been a core element of our operations and differentiates us from our competitors," said Michalis Luis, Chief Executive Officer of Eurobank Cyprus.
He mentioned that as part of this programme, the bank decided to make concessions to its mortgage customers, reducing the interest rate on their loans by 50 basis points in June 2024. Luis said that the introduction of the new digital platform has contributed to the modernisation of the bank's private banking operations, offering a wider range of wealth management services to customers.
Eurobank Cyprus has always distinguished itself by offering integrated and innovative services in the private banking sector," Luis said.