Eurobank Cyprus Ltd, the Cypriot subsidiary of Greece’s Eurobank, generated an after-tax profit of €24.1m in the first half of the year compared to a €41.1m profit in the entire financial year 2017, the bank said on Tuesday.
The bank’s pre-tax profit in the first six months of the year was €29.7m compared to €51.6m in the twelve months of 2017. Eurobank’s cost to income ratio was 30 per cent.
“The bank’s recurring positive results show that Eurobank Cyprus continues to grow with steady steps, having a customer-focused operations model and rational risk management basis,” the bank’s managing director Michalis Louis was quoted as saying.
Eurobank Cyprus said its non-performing loans ratio at the end of June stood at 4.5 per cent of its loans which totalled at over €1.9bn. The bank’s deposits stood at €4.4bn.
The bank’s core equity tier 1 (CET1) ratio stood at the end of June at 26.4 per cent.
Louis said that while the lender remains upbeat about Cyprus’ economic prospects, there should be no complacency in the management of public finances to avert “negative surprises in the future caused by both exogenous and domestic factors”.