Bank of Cyprus earns €133 million in profits

The Bank of Cyprus has announced a robust profit of EUR 133 million for the first quarter of 2024, marking a significant increase from EUR 95 million in the same period last year.

Key Highlights:

- Profit After Tax:  The profit after tax attributable to owners of the Company for Q1 2024 amounted to €133 million, showcasing a Return on Equity (ROTE) of 23.6%. This reflects a positive trend compared to previous quarters.

- Equity and Capital Ratio: The total equity excluding minority interests increased to €2,601 million, demonstrating a steady growth trajectory. The Common Equity Tier 1 (CET1) capital ratio stood at 17.1%, indicating a strong capital position.

- Net Interest Income:  Net interest income for Q1 2024 amounted to €213 million, showing a slight decrease compared to the previous quarter but a significant increase year-on-year.

- Loans and Deposits:  The Bank's net loans and receivables from customers increased to €10,028 million, highlighting a positive trend in lending activities. Total customer deposits remained stable at €19,260 million.

- Non-Performing Loans (NPLs):  The NPLs decreased by €18 million in Q1 2024, showcasing an improvement in asset quality. The coverage rate of NPLs stood at 77%, indicating a healthy loan portfolio.

- Liquidity and Cost Management:  The Liquidity Coverage Ratio (LCR) remained well above regulatory requirements at 315%. The cost-to-revenue ratio adjusted for special taxes showed a positive trend, reflecting disciplined cost management.

CEO, Panikos Nikolaos, expressed satisfaction with the Bank's performance, emphasizing the strong financial results and approval of substantial distribution. He highlighted the Bank's commitment to supporting customers, creating shareholder value, and contributing to the growth of the Cypriot economy.

Overall, the Bank of Cyprus' positive financial results in Q1 2024 underscore its resilience and strategic focus, positioning it for continued success in the future.

[With information from CNA]