Eurobank Cyprus reports €105.7M net profit for H1 2024

Eurobank Cyprus reported a net profit of €105.7 million for the first half of 2024, marking a 16% increase, or €14.9 million, compared to the same period in 2023.

According to the bank's press release accompanying the financial results, effective cost management and improved operating profits contributed to the reduction of the Cost-to-Income ratio from 19% in H1 2023 to 17% in H1 2024.

The Capital Adequacy Ratio and the Common Equity Tier 1 (CET1) ratio remained strong, reaching 36.0% in the first half of 2024, an increase of 190 basis points since December 31, 2023. These ratios are significantly above the regulatory minimum thresholds for 2024.

The loan-to-deposit ratio, excluding loans secured by deposits, stood at 32.8%, with total deposits rising to €7.47 billion, an increase of €371 million since the beginning of the year.

Eurobank Cyprus CEO Michalis Louis commented, “The first half of 2024 ended positively, allowing the bank to continue supporting entrepreneurship, sustainable investments, and individual clients. Our priority remains to evolve and provide high-quality, specialized services through our customer-centric approach, which sets us apart from the competition. In June 2024, we rewarded our loyal customers with a 50-basis-point reduction in mortgage loan interest rates, part of a 12-month plan announced last year."

Louis highlighted the bank's progress in its three-year digital transformation program, with 85% of its systems and infrastructure now upgraded. This includes new solutions in core banking, digital channels, data warehousing, and wealth management, enhancing the bank's customer-centric model with top-tier services, innovative products, and a reduced environmental footprint.

The introduction of a new digital platform has also upgraded the bank’s private banking services through the creation of the Wealth Portal, offering enhanced capabilities for wealth management. Eurobank Cyprus is recognized for its comprehensive and innovative services in private banking, leveraging the group’s network in Cyprus, Greece, Luxembourg, and the UK.

Louis also emphasized the importance of continued prudent fiscal management by the government, aiming for fiscal surpluses, reduced public debt, and further improvement in Cyprus’s credit rating. He stressed the need for careful and well-considered decisions, given the current international and local economic conditions.