Nicosia, 4 December2019
Nine Month Financial Results 2019
EUROBANK CYPRUS LTD
Moving forward on a profitable path
Profit of €34,8m after tax – further strengthening of financial indicators
For the first 9 months of 2019, Eurobank Cyprus Ltd (“Eurobank Cyprus”) presented:
• Satisfactory and repeated profit, which rose to €34,8m after tax.
• Strong capital position, with Capital Adequacy Ratio and Common Stock Index (CET1) amounting to 22,6%.
• Substantial excess liquidity, with deposits reaching €5.638m and the loan-to-deposit-ratio (excluding loans secured by deposits) amounting to 29%.
• Very good loan portfolio, with Non-Performing Loans (NPL ratio based on guidelines by the European Banking Authority, EBA) remaining low at 4,1%.
• An efficient management of operating costs, with the Cost-to-Income ratio at 34%.
The Bank’s strong financial position, as exemplified by successive positive results, has consolidated its leading presence in Cyprus in the field of Wealth Management, Corporate and Investment Banking, International Business Banking, and Capital Markets.
Reoccurring positive results prove that Eurobank Cyprus continues to grow with steady steps, based on its customer-centric operating model and correct risk management. As such, we continue to support the economy and sustainable development initiatives, while also creating jobs based on our business growth.
Eurobank Cyprus remains positive about the future of our country and the prospects of further development. Cyprus’ GDP growth-rate remains strong at 3,2%, while operating at a substantial budget surplus that exceeds Eurozone performance. This reflects both the prudent fiscal policy and strong recovery of the Cypriot economy. However, there is a need for the correct management of budget surpluses and the acceleration of the reduction of public debt, so that Cyprus, as an open economy, can protect itself from any external impact. Promoting discipline regarding public expenditure is imperative for dynamic and sustainable growth, with a social consciousness.
Eurobank Cyprus Ltd is a Cypriot company established in 2007 and is governed by all laws and regulations of the Republic of Cyprus.
|Funds and other Reserves
|Profit before tax
|Profit after tax