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1. AstroBank's record-breaking year: €30.4M in profits for 2023

AstroBank reported Profit After Tax of €30.4 million for 2023, representing a return on equity (RoE) of 13.9%, compared with €12.2 million and RoE of 6.2% for 2022, achieving an increase on profit of 150%, mainly due to increased interest income....

2. Hellenic Bank rakes in €240.7M in 2023's first 9 months

Hellenic Bank announced on Tuesday a profit of €240.7 million for the first 9 months of 2023....

3. Cyprus banks secure Moody's upgrade to investment status

After 12 years, Moody's has upgraded the ratings of Cyprus' two major banks, Bank of Cyprus and Hellenic Bank, placing them in the investment category....

4. Moody's boosts Bank of Cyprus and Hellenic Bank ratings to Baa2

Moody’s Investors Service has upgraded Bank of Cyprus’ and Hellenic Bank’s long-term deposit ratings to Baa3 from Ba1, citing the continued resilience of the Cypriot economy and credit conditions, which are leading to supportive operating conditions for Cypriot banks....

5. Banking on success: Greek and Cypriot banks show remarkable credit improvement

Fitch Ratings released a new report on Monday stating that the credit profiles of Greek and Cypriot banks have significantly improved over the past year due to de-risking and restructuring....

6. Hellenic Bank rakes in €69.7 million in profits during Q1 of 2023

Hellenic Bank has reported a profit of €69.7 million for the first quarter of 2023, signaling a strong start to the year. ...

7. Expanding Profitability and Strengthening Capital Position

Group Financial Results for the year ended December 31, 2022...

8. Non-performing loans in Cyprus rise to €2.32 billion in January 2023

Non-performing loans (NPLs) rose by €12.8 million in January 2023 compared with December 2022, amounting to €2.32 billion or 9.5% of total loans....

9. Completion of Project Starlight

10. €76.4m profit in first 9 months of 2022 for Hellenic

Hellenic Bank announced a profit of €76.4 million for the first 9 months of 2022. According to the Group Financial Results for the nine-month period, ...

11. Apollo CEO investigated over Epstein ties

The CEO of Apollo Global Management, whose affiliates acquired billions of bad debt in Cyprus, is being investigated over alleged financial ties to Jeffrey Epstein...

12. Hellenic Bank posts profit of €59.1 million in first half of 2019

The Hellenic Bank has announced that it has posted a profit of €59.1 million after tax in the first half of this year with CEO Yiannis Matsis noting that the results reflect part from the benefits from the acquisition of the operations of former Cyprus Cooperative Bank. ...

13. Moody's changes Cyprus outlook to positive

Rating agency Moody’s changed the outlook for the Cypriot economy to positive from stable, citing the reduction of the sovereign exposure to event risks stemming from the banking sector and the improving fiscal strength beating previous expectations...

14. Moody’s expects deleveraging to resume but warns over small economy and high level of debt

The credit profile of Cyprus reflects its small but wealthy economy, improved economic resilience and the government`s fiscal outperformance in the wake of the country`s banking crisis, Moody's Investors Service has said in an annual report. ...

15. Foreclosure legislation unconstitutional

The latest piece of legislation on foreclosures which was approved last Friday is unconstitutional...

16. Lifeline as Parliament accepts President's referral

The House of Representatives has heeded warnings voting to accept the President's referral of legislation that would have made it difficult for banks to recover mortgaged non-performing exposures...

17. Finance Committee seeks compromise on foreclosures

The House of Representatives Finance Committee meets on Friday to discuss proposals that would normalize the legislative framework on foreclosures...

18. S&P affirms Bank Of Cyprus ratings

Standard & Poor’s affirmed on Tuesday their `B+/B` long- and short-term issuer credit ratings on Bank of Cyprus Public Co. Ltd. (BoC), noting that the outlook is stable...

19. Central Banker mulls bridging framework on foreclosures

The Central Bank will present recommendations aimed at rectifying the foreclosure framework it was announced on Thursday...

20. Foreclosure legislation deemed unconstitutional

Finance Minister Haris Georgiades said on Tuesday that "a legislative framework must be effective, it must not change frequently, in order to create a trustworthy framework that will enable us to manage this last remaining problem of non-performing loans.'' ...

21. Moody's warns foreclosure laws increase risk for banks

Cyprus’ new foreclosure framework hampers banks efforts to reduce NPLs said credit rating agency Moody's in an announcement on Thursday....

22. DBRS reaffirms Cyprus’s rating

23. Bank of Cyprus posts profit amid CEO departure

24. Project Helix, Differed tax, prop up Bank of Cyprus results

25. Bank of Cyprus sells NPEs amounting to €34 million to APS Delta

26. Moody's upgrades Bank of Cyprus and Hellenic Bank

27. Hellenic Bank’s Economic Review

28. Fitch Ratings upgrades Cyprus to investment grade

29. Bad loans in Cyprus decline by €3.28 billion since March 2018

30. Banks have their recovery work cut out

The bank stock slump has gone on for too long and valuations are now exceptionally low, say senior credit sector officials in Athens. However, analysts questioned on the issue by Kathimerini say the problems that Greek lenders are facing will not be overcome quickly, justifying the pounding the sector has sustained on the Athens stock exchange....