Bank of Cyprus profits offset by exit plan

The Bank of Cyprus reported 9 million euros in losses for the first nine months of 2022, given that the profits it would have reported were absorbed by its voluntary retirement plan.

The plan 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.

In the corresponding period of 2021, the Bank of Cyprus’ financial results had shown profits of €20 million.

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 nonperforming loans (NPL) portfolio, despite a decrease in net interest income from the Helix 2 portfolio (approximately €15 million in January-September 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 €18.8 billion on September 30, up from €18.45 billion on June 30 and €17.53 billion on December 31, 2021.