2021: profitable year for Ancoria Bank

Ancoria Bank closed 2021 with profitable results, despite the difficult conditions that emerged due to the pandemic. According to the bank’s audited financial results, a profit after tax of €1 million was reported in comparison with €1.75 million loss after tax for the year ended at 31 December 2020.

In particular, a significant growth of its loan book was reported with gross loans reaching €308 million, recording an increase of 13% year-on-year.

Ancoria Bank maintains a strong liquidity position with customer deposits reaching €369 million, recording an increase of 24.6% year-on-year. The Liquidity Coverage Ratio (LCR) of the bank reached 343%, far exceeding the minimum requirement of 100%.

In addition, the bank continues to demonstrate strong capital adequacy with both Total Capital Ratio (TCR) and Common Equity Tier 1 (CET1) ratio at 18%, comfortably above the regulatory minimum of 15% including SREP requirement.

Moreover, the quality of the loan portfolio remained excellent with the Non-Performing Exposures (NPE) Ratio, as defined by the European Banking Authority, at 0%.

By investing in technology and offering award-wining services and products, Ancoria Bank continued its growth, staying true to its promise of redefining banking. Through its hybrid-operating model, where digital and physical service harmoniously coexist, the bank is a reliable financial partner to its customers, both individuals and companies, building a solid foundation for long-term relationships and offering personalized solutions for their every need.

Ancoria Bank Ltd is a credit institution incorporated in Cyprus in 2013 and is licensed, registered and supervised by the Central Bank of Cyprus. The bank offers a range of personal and business banking products and services that customers can access digitally or from its Banking Centres in Nicosia, Limassol and Larnaca. As at 31 December 2021 the Bank has total assets of €432 million and total equity of €38.6 million.