Source: CNA
The banking system reported a loss after tax of €36 million on a consolidated basis in the first nine months of 2022, compared to a profit of €22.54 million in the corresponding period of 2021.
According to the aggregated data for the Cyprus banking sector as of 30 September 2022, published by the Central Bank of Cyprus, total net operating profit stood at €916.3 million in the first nine months of 2022, compared to €939.5 million in the corresponding period of 2021.
In addition, banks' interest income in the nine months of 2022 remained roughly unchanged at €831 million compared to €838 million in the corresponding period last year. The stable trend in interest income reflects the ECB's base rate increase, which offset the continued deleveraging of loans in the banking system.
Total administrative expenses increased significantly in the nine months of 2022, reaching €689.5 million compared to €619 million in the same period last year, with personnel expenses showing a significant increase, reaching €467.5 million compared to €388 million in the first nine months of 2021, reflecting the costs of the voluntary exit plans implemented at Bank of Cyprus and Hellenic Bank.
The aggregated results include Ancoria Bank, Astrobank, Bank of Cyprus, CDB, Hellenic Bank and the Housing Finance Corporation. It should be noted that RCB terminated its banking operations following a decision by the European Central Bank on 24 February.
