BoC reports strong profit in Jan-Sept
In a significant financial turnaround, Bank of Cyprus reported a notable profit of 349 million euros for the nine months ending September 30, 2023, marking a substantial improvement from the €19 million loss in the same period last year. The return on equity (ROE) reached an impressive 24.6%, with the third quarter contributing €129 million to the overall profit, reflecting a 3% increase from the previous quarter.
The company’s net interest income saw a remarkable surge, reaching €572 million for the nine months, reflecting a substantial 144% year-on-year increase. The net interest margin for the same period increased to 3.32%, signaling positive trends in interest rates.
Despite a 10% decline in new lending in Cyprus for Q3 2023, totaling €445 million, the cumulative new lending for the nine months reached €1.563 billion, showcasing resilience in a rising interest rate environment.
Maintaining a robust financial position, the company’s common equity tier 1 (CET1) ratio, a key indicator of financial strength, stood at 15.2% as of September 30, 2023. Customer deposits remained stable at €19.26 billion, with a market share of 37.7% in Cyprus.
