{"id":8428,"date":"2024-04-16T15:01:25","date_gmt":"2024-04-16T12:01:25","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=8428"},"modified":"2024-04-16T15:01:25","modified_gmt":"2024-04-16T12:01:25","slug":"astrobank-posts-after-tax-profit-of-e30-4-million-in-2023","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=8428","title":{"rendered":"AstroBank posts after-tax profit of , \u20ac30.4 million in 2023"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/astrobank-posts-after-tax-profit-of-e30-4-million-in-2023.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>AstroBank<\/strong> on Tuesday released its <strong>financial results for the year ending December 31, 2023<\/strong>, <strong>reporting a profit after tax of \u20ac30.4 million<\/strong>, while also marking a Return on Equity (RoE) of 13.9 per cent, compared to a profit of <strong>\u20ac12.2 million<\/strong> and RoE of 6.2 per cent in the previous year.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-109442871\">\n<div id=\"cypru-1199405016\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-1862181462620-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Aristidis Vourakis, AstroBank\u2019s Chief Executive Officer, said that \u201c2023 has been a remarkable year for AstroBank\u201d.<br \/>\n\u201cThe systematic efforts during the last years, towards a focused business model, <strong>streamlined operations, and reshaping and derisking of our balance sheet,<\/strong> together with the favourable interest rate and macroeconomic environment, have supported delivering a strong financial performance,\u201d he stated.<br \/>\n\u201cThe decisive management actions underpinned the transformation of the Bank into a strong and well-capitalised banking institution, capable of delivering value to its customers and its shareholders,\u201d he added.<br \/>\nAdditionally, Vourakis said that \u201cwith <strong>regulatory capital of almost 24 per cent<\/strong>, extensive presence across Cyprus and an<strong> updated digital offering<\/strong>, AstroBank stands to play a pivotal role, serving Cyprus entities and individual customers\u201d.<br \/>\nThe AstroBank CEO also assured that the bank remains committed to its business plan, noting that \u201cit has resulted in <strong>substantial operational efficiencies, quality customer service and improved profitability<\/strong>\u201d over the past few years.<br \/>\nKey highlights from the report include a<strong> profit after tax before one-off costs of \u20ac39.4 million<\/strong> for 2023, reflecting a <strong>notable increase from \u20ac21.7 million<\/strong> in 2022.<br \/>\nThe bank\u2019s total operating income surged to \u20ac97.2 million, up by 34 per cent compared to \u20ac72.7 million in 2022, primarily driven by net interest income, which increased by 46 per cent to \u20ac74.8 million.<br \/>\nMoreover, Astrobank\u2019s balance sheet remained stable, with<strong> total assets standing at \u20ac2.72 billion<\/strong> as of December 31, 2023.<br \/>\nNet loans decreased to \u20ac933 million from \u20ac1.09 billion in the previous year, reflecting significant resolutions in the non-performing portfolio.<br \/>\nCustomer deposits saw a healthy increase, totalling \u20ac2.15 million, up by 2 per cent from the previous year.<br \/>\nThe bank\u2019s capital adequacy ratio improved to 23.7 per cent, up from 18 per cent in the previous year, underpinned by common equity of \u20ac234.1 million.<br \/>\nAdditionally, the NPE ratio dropped to 14.9 per cent from 19.8 per cent in 2022, exclusively through organic resolutions.<br \/>\nMoreover, AstroBank\u2019s liquidity remained robust throughout the year, with a liquidity coverage ratio of 366 per cent and a stable loan-to-deposit ratio of 43 per cent.<br \/>\nThe bank also successfully <strong>issued \u20ac34 million in new MREL bonds in 2023,<\/strong> achieving an MREL ratio of 27.8 per cent.<br \/>\nWhat is more, the bank\u2019s focus on efficiency and cost discipline was evident in the financial results, with the <strong>cost-to-income ratio decreasing to 52.3 per cent in 2023 from 68.2 per cent in 2022.<\/strong><br \/>\nIn terms of ESG and digital transformation, the bank said that it \u201cis committed to operating in an economically and socially sustainable manner\u201d.<br \/>\nIt further explained that an ESG working plan has been established, resulting in \u201csignificant improvements in the bank\u2019s governance pillar, and an expanding effort on the environmental pillar, accompanying AstroBank\u2019s already strong social pillar commitment\u201d.<\/p>\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"50e3587a-158a-475d-9813-bd4064bc46ea\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\nAdditionally, AstroBank reaffirmed its commitment to enhancing energy efficiency and assisting customers in their transition to environmentally friendly practices.<br \/>\nThe bank said that it aims to achieve this by providing a wide range of eco-friendly loan products and implementing plans to reduce scope 1, 2, and 3 emissions, including financed emissions.<br \/>\nFurthermore, integrating the environmental agenda into the bank\u2019s business model is a central aspect of its environmental strategy.\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"82434ff7-7748-4b0b-af10-0d1590229e51\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\nAstrobank also said that it is<strong> committed to remaining competitive and delivering high-quality, efficient services<\/strong> to its customers through ongoing investments in technology and automation solutions.<br \/>\nThe statement recalled that in November 2023, AstroBank unveiled a new Internet and Mobile Banking App, aimed at enhancing the banking experience for its customers.<br \/>\nIn addition, the bank announced plans to fully digitize its card offering, with completion expected by mid-2024.\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cThose initiatives accompany a<strong> range of digitisation and integration of internal processes extending client-facing capacity<\/strong>,\u201d the bank said in its statement.<br \/>\n\u201cWith the integrated new digital platforms and its 14 locations network, AstroBank aims to play a key role in the Cyprus banking sector,\u201d the statement concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AstroBank released its financial results for the year ending December 31, 2023, reporting a profit after tax of \u20ac30.4 million.<\/p>\n","protected":false},"author":3,"featured_media":8429,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[6038,1902,2690,186,1877,6595,2152,2511,3471,3,612,4612,59,2030,1763,358,6167,203,1876,250,3330,4823,2294,1823,899,6263,374,109,3752,900,4074,6653,3331,3138,6132,2247,6682,5216,4620,6683,4441,1806,1827,1065,1682,3125],"class_list":["post-8428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-automation","tag-bank","tag-banking-sector","tag-business","tag-business-plan","tag-capacity","tag-completion","tag-costs","tag-customers","tag-cyprus","tag-deposits","tag-digital-platforms","tag-digital-transformation","tag-digitisation","tag-efficiency","tag-energy","tag-energy-efficiency","tag-environment","tag-financial-results","tag-google","tag-google-news","tag-governance","tag-income","tag-increase","tag-interest","tag-interest-income","tag-interest-rate","tag-internet","tag-investments","tag-loan","tag-loans","tag-management","tag-news","tag-performance","tag-platforms","tag-profit","tag-profit-after-tax","tag-profitability","tag-report","tag-return-on-equity-roe","tag-service","tag-services","tag-statement","tag-tax","tag-technology","tag-transformation"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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