Bank of Cyprus says it sees brighter future

Bank of Cyprus has “the wind in its sails” and has upgraded its guidance for 2023 after exceeding targets last year, its chief executive officer said a decade after the island’s biggest lender came close to collapse.

The bank, which is listed on the London Stock Exchange, says it intends to commence “meaningful” dividend distributions from 2023 onward, subject to regulatory approval and market conditions.

“We have the wind in our sails. The guidance for 2023 is for a much better performance,” CEO Panicos Nicolaou said in an interview late on Monday.

It is a significant comeback for the bank, which a decade ago was battling for survival amidst a financial crisis that almost bankrupted Cyprus and forced the island to seek an international bailout.

Should approval be granted, it would be the first time Bank of Cyprus has issued a dividend to shareholders since June 2011, for 2010. [Reuters]