The Bank of Greece (BoG) has announced plans to transfer €69.6 million in profits from the 2024 fiscal year to the Greek state, following approval from its General Council on Tuesday.
During the meeting, the General Council reviewed and endorsed the bank’s audited annual financial statements for the year ending December 31, 2024. It was decided to propose the distribution of a statutory dividend of €0.6720 per share, totaling €13.3 million, keeping it unchanged from the previous year. The remaining profits will be allocated to the Greek state.
BoG reported a net income of €436 million for 2024, marking a 19.8% decline from the €543.9 million recorded in 2023. Meanwhile, total expenses before provisions increased by 9.9% to €404.1 million, compared to €367.8 million in the previous year.
The bank’s pre-provision profits saw a significant drop of 81.9%, standing at €31.9 million, down from €176.1 million in 2023. However, after releasing provisions totaling €51 million—mainly due to reduced financial risks—net profit amounted to €82.9 million, compared to €98.7 million the previous year.
Additionally, the Greek state and General Government bodies received significant interest on their deposits held at the Bank of Greece, benefiting from the highest rate allowed by the European Central Bank. The Greek state received €730.4 million in interest for 2024, up from €635.8 million in 2023, while General Government bodies received €392.3 million, compared to €268.4 million the previous year.
The final decision on the profit allocation proposal will be made at the upcoming General Meeting of shareholders.
(Source: Amna)