Business & Economy

CYPRUS: Eurobank generates post-tax profit EUR 42.5 mln in 2018

15 March, 2019

Cyprus-based Eurobank posted improved net profits in 2018 of EUR 42.5 mln from EUR 41.1 mln the year before.

According to an announcement issued by the bank on Friday, Eurobank has a strong capital position, with the Capital Adequacy Ratio with the CET1 standing at 24.5% from 26.6% in 2017.

The bank also has “strong surplus liquidity,” with deposits reaching EUR 4.84 mln and a loan-to-deposit ratio (excluding secured loans) of 31%, while the NPE ratio, as directed by the European Banking Authority (EBA), remained low at just 4.1%.

The bank also boasts "effective cost management, with a cost-to-income ratio of 30%".

Eurobank's total loans amounted to EUR 2.15 mln from EUR 1.89 mln in 2017 and deposits rose to EUR 4.84 mln from EUR 4.26 mln.

"The repeated positive results show that Eurobank Cyprus is steadily continuing on its growth path, based on its customer-centric model of operation and rational risk management. It continues to support the economy and sustainable development initiatives but also to create new job openings on the basis of the development of its operations," said a bank statement.

"Eurobank, in view of its strong financial position, the confidence it inspires in its customers, as well as its dedication to continuously improving the quality of its services, taking into consideration and adopting the modern technology trends, proceeds with significant investments, aiming to remain competitive in the new digital environment and to offer even better quality and upgraded services," it added.