Eurobank Cyprus reports €199.4M profits in 2023

Eurobank Cyprus unveiled its financial results for 2023, boasting a profit of €199.4 million, marking a significant increase of €105.1 million or 111% compared to 2022.

According to the financial statements released by Eurobank Cyprus, pre-tax profits amounted to €239.2 million, with a Cost-to-Income ratio improving to 18% in 2023 from 29% in 2022. The bank attributed this improvement to effective cost management and enhanced operational profits.

Capital Adequacy Ratio and Common Equity Tier 1 of Eurobank Cyprus rose to 34.1% in 2023, reflecting a 680 basis point increase from December 31, 2022. These ratios surpassed regulatory requirements for 2023, according to the bank.

The loans to deposits ratio reached 33.6%, with total deposits amounting to €7.099 billion and total loans at €2.844 billion, compared to €2.730 billion in 2022.

Despite inflationary pressures and geopolitical uncertainties, Eurobank Cyprus reported a net credit expansion of €114 million in 2023, with loan portfolio quality showing further improvement.

CEO Michalis Louis commented, stating, "The financial results for 2023 are positive. We have achieved increased profitability, strengthened capital adequacy, and maintained a low Non-Performing Loans ratio, forming a high-quality loan portfolio."

Louis emphasized the bank's commitment to managing challenges posed by inflation, instability, geopolitical tensions, and the need for digital transformation and green transition. The bank plans to focus on technological upgrades and digitization of services in the current year, enhancing accessibility and efficiency.

Furthermore, Eurobank Cyprus aims to strengthen its operations, increase its loan portfolio and deposits, and expand its Wealth Management services, maintaining its leadership position in the region.

Sustainable growth culture, with emphasis on Environmental, Social, and Governance (ESG) goals, ranks high among the bank's priorities for 2024, highlighting its commitment to equality, transparency, and sustainability.