Bank of Cyprus announced a profit after tax of €401 million, up 15% year-on-year, of which €131 million in Q3 2024, for the first nine months of 2024.

KEY FIGURES 

• The bank reported strong new lending of €1.7bn, up 9% year-on-year.
• The non-performing loan portfolio reached €10 billion, up 3% from December 2023.
• Core earnings per share of €0.90 for the first nine months of 2024 (compared to €0.78 for the corresponding nine months of 2023).
• Return on Tangible Equity (ROTE) is 22.9%.

The bank's CEO, Panicos Nikolaou, said among other things:

'The resilience of our net interest income, our diversified business model, high liquidity and strong loan portfolio quality were key factors in achieving strong profitability. For the seventh consecutive quarter, we achieved a Return on Tangible Equity (ROTE) higher than 20%, despite the rapid growth of our capital base. Overall, in the nine months ended September 30, 2024, we recorded an after-tax profit of €401 million, attributable to basic earnings per share of €0.90 and Return on Tangible Equity (ROTE) of 22.9%, reflecting strong growth in tangible book value per share, significantly exceeding our 2024 targets."