12° Nicosia,
22 April, 2024

Bank of Cyprus posts nearly half a billion euro profit in 2023

Group CEO Panicos Nikolaou highlights milestone year, as Bank of Cyprus achieves impressive financial results and sets ambitious targets for the future.


Bank of Cyprus reported a robust profit of €487 million for the fiscal year 2023, as announced by Group CEO Panicos Nikolaou during the presentation of the bank's financial results.

Mr. Nikolaou highlighted 2023 as a milestone year for the Group, marking the beginning of a new era characterized by strength and solid capitalization. The bank achieved strong financial and operational results, attributing the profit surge to robust interest rate growth and high liquidity, while effectively managing costs amid inflationary pressures. The diversified business model, evident in non-interest income covering nearly 90% of total operating expenses, contributed significantly to the Group's profitability.

Key Financial Highlights:

- Return on Tangible Equity (ROTE) soared to 24.8%, surpassing 2023 targets.
- Profit after tax reached €487 million, with net interest income at €792 million, marking a 114% YoY increase.
- Non-interest income amounted to €300 million, covering 88% of total operating expenses.
- The Common Equity Tier 1 (CET1) ratio stood at 18.7% as of December 31, 2023.
- Tangible book value per share improved by 24% YoY to €4.93.

The Cypriot economy demonstrated resilience with a growth rate of 2.3% in Q2 2023. Looking ahead to 2024, the bank aims to achieve ROTE above 17% and maintain a conservative dividend policy, gradually increasing the payout ratio between 30-50%.

Bank of Cyprus emphasized its commitment to supporting customers, creating value for shareholders, and contributing to the growth of the Cypriot economy.

Cyprus  |  banks  |  economy

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