Eurobank summarised the results of its operations in Cyprus for 2024

Eurobank announced a cash dividend of 10.5 cents per share and the launch of a €288 million share buyback programme as part of its 2024 financial results.

In particular, the bank's performance exceeded expectations with strong profitability:

1. Net interest income grew by 15% (or 1.8 % excluding Hellenic Bank) to €2.5 billion. This growth was driven by active lending, bond investments and international expansion.
2. The net interest margin was maintained at 2.73%.
3. Net fee and commission income grew by 22.4% (13.5% excluding Hellenic Bank) to € 666 million. The main contributors were banking, credit and asset management.
4. Operating expenses increased by 2.9% in Greece and by 18.8% in the Group (4.8% excluding Hellenic Bank) to €1.07 billion.

At the same time, the cost/income ratio remained below 35%, at 33.8% for organic income and 33% for total income. Organic profit before provisions grew by 15.7% (3.8% excluding Hellenic Bank) to € 2.1 billion. Underlying net profit increased by 18.2% (or 0.9% excluding Hellenic Bank) to € 1.48 billion. Total net income was € 1.44 billion, including € 99 million from the increase in the stake in Hellenic Bank in the second quarter. The NPL ratio (NPE) fell to 2.9% and provision coverage reached 88.4%.

It is worth noting that the international markets made a significant contribution to Eurobank's profits:

1. The international segment's net profit increased by 51.4% (or 5.8% excluding Hellenic Bank) to € 709 million. This represents 47% of the Group's total profit.
2. Eurobank Cyprus increased its profit by 5.1% to € 210 million.
3. Hellenic Bank contributed €275 million to the total adjusted profit.

Eurobank said the lender is targeting an annual return on equity of 15 percent and a 40 percent growth in tangible book value per share over three years. The main growth drivers could be:

1. The merger of Hellenic Bank and Eurobank Cyprus
2. The acquisition of CNP Insurance
3. Active loan portfolio expansion (around 7.5% per annum)
4. Accelerated development of asset management (15% growth per year)

We exceeded all our targets. Deposits and investments grew by more than € 6 billion and new loans amounted to € 4 billion, contributing to economic growth,' said CEO Fokion Karavias.

He also underlined that Eurobank's long-term strategy aims at sustainable capital growth and profit distribution with a payout ratio of at least 50%.