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Hellenic Bank on Thursday reported a net profit of €383 million for the full year 2024, highlighting its strong financial performance and solid capital position.
“2024 was a landmark year for Hellenic Bank in terms of financial performance and ownership structure,” said chief executive officer Michalis Louis.
“The bank achieved strong financial performance in 2024 with a net profit of €383 million, up 10 per cent year-on-year, adjusted for discontinued operations, and a return on tangible equity of 23,” he added.
The bank’s Common Equity Tier 1 (CET1) ratio stood at 28.7 per cent, while the Total Capital ratio reached 32.2 per cent, both significantly exceeding minimum regulatory requirements.
The bank’s balance sheet remained resilient, with its non-performing exposures (NPE) ratio, excluding those covered by the Asset Protection Scheme (APS), at 2.4 per cent.
NPE coverage, also excluding APS-covered exposures, stood at 63 per cent, reflecting the bank’s de-risked profile.
Hellenic Bank, now a member of the Eurobank Group, is set to merge with Eurobank Cyprus, a move that will create one of the largest financial institutions in Cyprus.
“The Eurobank Group currently owns 93.5 per cent of the bank’s share capital and is expected to increase its ownership to 100 per cent, following a mandatory tender offer and a squeeze out process during the first half of 2025,” Louis stated.
“Then, and subject to regulatory approvals we, will proceed with the merger of Hellenic Bank with Eurobank Cyprus creating one of the largest financial institutions in Cyprus,” he added.
Louis also said that “the business models of the two banks are complementary and will serve in further enhancing our customer products and our customer service”.
Additionally, the bank noted that its acquisition of CNP Cyprus Insurance will establish the largest insurance operator in the country, further strengthening its presence in the financial sector.
“We expect to complete the acquisition of CNP Cyprus Insurance Holdings during the first quarter of 2025,” the Hellenic Bank CEO said.
“This is an important milestone for the bank as we establish ourselves as one of the leading financial services institutions in Cyprus focusing on our customers, our people and the society we operate,” he added.
Elsewhere, the results showed that the bank saw a 12 per cent year-on-year increase in net interest income, reaching €599 million in 2024.
New lending for the year amounted to €1.075 billion, with 99.6 per cent of new lending exposures post-2018 classified as performing.
“New lending during 2024 of €1.1 billion demonstrated our commitment towards supporting the domestic economy and serving our clients,” Louis stated.
Additionally, operational efficiency remained strong, with a cost-to-income ratio of 40 per cent.
Liquidity levels were also robust, with a liquidity coverage ratio (LCR) of 519 per cent and €5.6 billion placed at the European Central Bank (ECB).
Moreover, the bank’s net loans to deposits ratio stood at 36.6 per cent as of December 31, 2024, something which the bank said “enables further business expansion”.
“Being part of the Eurobank Group, one of the leading banking groups in Greece and the region with assets exceeding €100 billion, we aim to grow our business and to become the best bank in Cyprus through enhancing customer relationships and offering excellent customer service,” Louis said.
“We will strive to continue supporting the Cypriot society contributing to economic growth, ensuring the sustainability of the banking system and the welfare of our customers,” he concluded.
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