Strong capital adequacy and liquidity, a limited NPL ratio, a significant improvement in the Cost-to-Income ratio and enhanced profitability are recorded in the Financial Results of Eurobank Cyprus for the 1st half of 2024.  The Bank's net profit after taxes amounted to €105.7 million, marking an increase of €14.9 million or 16% compared to the corresponding results of the first half of 2023.  The effective management of the Bank's operating costs combined with the improvement of operating profits contributed to the improvement of the Cost to Income ratio from 19% in the first half of 2023, to 17% for the corresponding half of 2024.  The Capital Adequacy Ratio and the common equity ratio (CET1) remained strong and strengthened further, reaching 36.0% in the first half of 2024, an increase of 190 basis points compared to 31 December 2023. due to indicators are significantly higher than the corresponding minimum supervisory limits for the year 2024.  The loan-to-deposit ratio (excluding loans secured by deposits) stood at 32.8%, with total deposits reaching €7,470 million, an increase of €371 million since the beginning of the year.   In his statement, Mr. Michalis Louis, CEO of Eurobank Cyprus, said:  "The first half of 2024 ended with a positive sign, which allows the Bank to continue uninterruptedly providing support to entrepreneurship, sustainable investments and private clients. A key priority for Eurobank Cyprus is to continue to develop and provide high-quality specialized services to its customers, through the customer-centric approach that has always characterized its way of operating and sets it apart from the competition. In this context, in June 2024 we proceeded to reward our private customers, who as consistent borrowers benefited from the twelve-month plan we announced last year to reduce the final mortgage rate by 50 basis points.  At the same time, completing the Bank's three-year digital transformation program, we have now replaced 85% of our systems and infrastructure in Core Banking, Digital Channels, Data Warehouse and Wealth Management, with new innovative solutions. This further strengthens our customer-centric model with top services, expanded solutions and innovative products distinguished by the flexibility and safety they offer, while at the same time reducing our environmental footprint.  The introduction of the new digital platform contributed at the same time to the upgrade of Private Banking, with the creation of the Wealth Portal, which provides expanded functionalities in terms of managing our clients' wealth. Over time, Eurobank Cyprus has distinguished itself for the provision of integrated and innovative services in the field of Private Banking, utilizing the consolidated network of the Group, with a presence in Cyprus, Greece, Luxembourg and the United Kingdom.  With special attention, we also monitor the developments in the economy and the management of public finances and we want to encourage the government to continue their prudent management and to insist on the creation of fiscal surpluses, and the reduction of public debt and finally to aim for the further upgrading of the debt of the Republic of Cyprus. The positive image created in recent years must be preserved and strengthened even more in the coming period. Any decisions taken should be very careful and well thought out, as the existing conditions, both at the international and local level, do not allow for any complacency." (ICE BEIRUT)

Fonte notizia: strategist.cy