National Bank of Greece in Cyprus posts 39% profit surge amid €2.7B asset growth
National Bank of Greece in Cyprus has reported strong financial results for the past year. The bank’s operating profits surged by 39%, reaching €23.6 million, while total assets grew to €2.7 billion—a 128% increase from the previous year. Executives credited the progress to disciplined cost control and a clear strategic focus.
The bank’s profitability improved significantly, with operating profits climbing to €23.6 million. This growth was supported by a cost-to-income ratio of 47.6%, a full percentage point better than the year before. Paola Ioannou Michalia, the CFO, highlighted systematic cost management and operational discipline as key drivers behind these gains.
New lending played a major role in the bank’s expansion, totalling €1.3 billion. CEO Giorgos Agioutantis noted that the bank’s strategy is working in practice, with a strong emphasis on supporting Cypriot entrepreneurs and cross-border transactions. The balance sheet remained robust, with a Common Equity Tier 1 (CET1) ratio of 19.7%, ensuring solid capital adequacy. Risk management also showed progress, as the non-performing exposures (NPE) ratio dropped to 0.7%—an improvement of 110 basis points year-on-year. The bank’s leadership emphasised that these results reinforce its position as a stable and growth-oriented financial institution.
With assets now at €2.7 billion and new lending hitting €1.3 billion, the bank is expanding its market presence. The improved profitability, stronger capital position, and reduced NPE ratio reflect its focus on efficiency and risk control. The bank continues to target further growth in both local and cross-border banking services.
