Bank of Cyprus reported a net profit of 383 million euros after taxes for the first nine months of 2026. This is 9% higher than for the same period last year. The bank released these figures on Thursday, November 5.
In the third quarter alone, profit totaled 131 million euros—roughly the same as in the second quarter.
Bank of Cyprus Revenues and Expenses
From January through September, the bank’s revenue reached 785 million euros, up 2% year-over-year. The bulk of revenue came from interest on loans and other financial transactions: net interest income totaled 565 million euros, up 3% from last year’s figure.
Key financial results:
profit before taxes — €460 million, up 10%;
operating expenses — €318 million, up 6%;
Earnings per share — €0.88, up 9%;
Return on tangible equity (RoTE) — 18.9%;
Cost-to-income ratio — 36%.
The bank attributes the rise in expenses, in part, to higher personnel costs. At the same time, management notes that it continues to control costs and maintain a cautious approach to lending.
Bank of Cyprus CEO Panikos Nikolaou stated that the bank continues to increase its lending and deposit volumes while maintaining financial discipline.
Loans and deposits in Cyprus continue to grow
As of the end of September, Bank of Cyprus’s portfolio of outstanding loans reached 11.6 billion euros. This is 7% higher than at the beginning of the year and 9% higher than the figure for the same period in 2025.
Deposits rose to 23.5 billion euros. They increased by 9% over the year and by 6% since the beginning of 2026. According to the bank’s CEO, the main driver of lending growth was demand from Cypriot residents and businesses.
The quality of the loan portfolio also remains high: the share of non-performing loans is only 1%. By comparison, at the end of 2025, this figure stood at 1.2%. The bank has set aside reserves covering 144% of its non-performing loans.
In October 2026, Bank of Cyprus completed another transaction: it acquired outstanding loans totaling approximately 130 million euros and deposits totaling approximately 440 million euros from Cyprus Development Bank. The purchase price was close to the face value of these assets.
Dividends to Shareholders and New Forecast for 2026
In October, the bank paid an interim dividend to shareholders of 0.24 euros per share. The total payout amounted to approximately 105 million euros. This is 20% more than a year earlier.
For the full year 2026, Bank of Cyprus plans to allocate 70% of its adjusted profit to regular dividend payments to shareholders. In addition, the bank is considering the possibility of an additional payout of up to 20%. Thus, the total payout could reach 90% of adjusted profit, provided the bank’s financial position and management decisions allow for it.
Following strong nine-month results, the bank raised its return on tangible equity forecast for the full year 2026 to the high-teens—that is, approximately 17–19%.
The bank’s capital also remains at a high level. The Common Equity Tier 1 (CET1) ratio, taking into account third-quarter earnings, stands at 20.6%, while the total capital adequacy ratio is 25.2%. Over the first nine months, the bank increased its equity from operating activities by 341 basis points. Its tangible book value per share reached 6.21 euros—11% higher than in December 2025.
Bank of Cyprus’s results reflect not only the bank’s own growth but also the vitality of the Cypriot market: residents and companies continue to take out loans, and the volume of deposits is increasing.