Impressive Growth in AstroBank’s Financial Performance
AstroBank has disclosed its financial results for the fiscal year ended December 31, 2023, showcasing a substantial increase in its profit after tax, which soared to €30.4 million. This figure marks a significant leap from the €12.2 million reported in the previous year. Complementing this financial achievement, the bank also recorded a robust Return on Equity (RoE) of 13.9 percent, more than doubling the 6.2 percent RoE from the prior year.
Aristidis Vourakis, the CEO of AstroBank, expressed his satisfaction with the year’s outcomes, attributing the success to strategic efforts in refining the bank’s business model and operations. “The favourable interest rate and macroeconomic environment have supported delivering a strong financial performance,” Vourakis noted. He emphasized the transformation of the bank into a well-capitalized institution, poised to deliver value to customers and shareholders alike.
The bank’s financial results further highlighted a pre-one-off costs profit of €39.4 million for 2023, a significant improvement from €21.7 million in the preceding year. Total operating income surged by 34 percent to €97.2 million, with net interest income experiencing a 46 percent increase to €74.8 million.
AstroBank’s balance sheet remained solid, with total assets at €2.72 billion. The bank managed to reduce its net loans to €933 million, down from €1.09 billion, indicating effective resolutions in non-performing loans. Meanwhile, customer deposits grew to €2.15 million, reflecting a healthy 2 percent increase.
The bank’s capital adequacy ratio improved significantly to 23.7 percent, supported by common equity of €234.1 million. The NPE ratio also saw a decline to 14.9 percent through organic resolutions. The liquidity coverage ratio stood at an impressive 366 percent, maintaining a stable loan-to-deposit ratio of 43 percent.
In line with its commitment to sustainability and digital innovation, AstroBank has established an ESG working plan, focusing on governance improvements and environmental efforts. The bank is actively promoting eco-friendly loan products and aims to reduce emissions across all scopes.
On the digital front, AstroBank has launched a new Internet and Mobile Banking App and announced plans to digitize its card services by mid-2024. These initiatives are part of a broader strategy to enhance customer service through technology and automation.
With these strategic moves and its extensive presence across Cyprus, AstroBank is set to continue its trajectory as a pivotal player in the Cypriot banking sector.
