12° Nicosia,
02 December, 2022

BOC: Profits for first nine months gobbled up by Voluntary Retirement Plan

The Voluntary Retirement Plan, implemented this past summer, resulted in the departure of 550 employees

The Bank of Cyprus reported 9 million euros in losses for the first nine months of 2022, after the profits it would have reported were absorbed by the Voluntary Retirement Plan, which was implemented in the summer of 2022 and resulted in the departure of 550 employees. It set the bank back a total of 104 million euros.

Last year, in the corresponding period of 2021, the Bank of Cyprus's financial results for the nine months of 2021 showed profits of 20 million euros.

Net interest income for the first nine months of 2022 was €234 million, up 5% year on year, thanks to effective improvements in loan and cash performance assets and an increase in the NPL portfolio, despite a decrease in net interest income from the Helix 2 portfolio (approx. €15 million in the first nine months of 2021). Net interest income for the third quarter of 2022 was €89 million, up 19% from the second quarter, thanks to rising interest rates and the effect of an extra calendar day this quarter.

The Group's total customer deposits were €18,792 million at 30 September 2022 (up from €18,450 million at 30 June 2022 and €17,531 million at 31 December 2021), up 2% in Q3 and 7% year on year. On 30 September 2022, the Bank's market share of deposits in Cyprus was 37.1%, up from 36.8% on 30 June 2022 and 34.8% on 31 December 2021.

Cyprus  |  banks

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