The Cooperative Bank of Epirus recorded a 14.48% increase in profit before provisions (PBR) and a 70.38% increase in net profit in 2023, as announced at the 47th Annual General Meeting held yesterday, Thursday. The non-performing loan ratio (NPL) further decreased to 31% from the original 75%.

The Acting Executive Director of the Cooperative Bank of Epirus, Mr. Vassilios Tsoukanelis, reported: "Since 2016, the bank has shown continuous improvement in its financial performance, which continues into 2024. The bank has been improving tremendously in the area of red loans. It should be noted that these results were achieved without a portfolio sale and without joining Hercules. It is also important that it was done with minimal social costs, which confirms the bank's social sensitivity."

The President of the Bank of Epirus, Mr. Vassilis Kolios, stressed that "for the Cooperative Bank of Epirus, 2023 was a year in which we made significant steps towards the implementation of our strategic and business plan, which leverages our competitive advantages: localness, flexibility, directness, reliability, and strong relationships with our customers.".

He added that "we have increased all our metrics by moving forward with the digital transformation of the bank, and we have dramatically reduced red loans, boosting our profitability. Our goal is to continue to stand by the local economy and society and actively offer support that will contribute to the development of Epirus. It is our commitment to continue to work hard in this direction and create value for our region, our shareholders, and the community."

Mr. Ioannis Vougioukas, Managing Director of the Cooperative Bank of Epirus, referred to the bank's goal to expand its activities outside Epirus and to evolve from a small cooperative bank to a regional bank of first choice for small and medium enterprises. He stressed that the Bank of Epirus is methodically proceeding with the implementation of its strategic plan for the full consolidation of its balance sheet, the significant upgrade of its technological infrastructure, and the continuous improvement of its corporate governance. The bank's business model is based on a combination of interpersonal relationships based on trust and cutting-edge digital technology.