Bank of Cyprus has won a prestigious award. The island nation's main financial institution has been named 'Best Bank 2024 in Cyprus' by the prestigious international financial magazine, The Banker.
This was announced by Bank of Cyprus management on Tuesday 10 December.
Panicos Nicolaou, CEO of Bank of Cyprus, said that the award comes at a particularly challenging time for the global economy and the financial system, and once again underlines Bank of Cyprus's commitment to reducing non-performing loans and returning to profitability.
This award is an international recognition of the success of our customer-centric strategy," said Nicolaou.
He also mentioned that the bank achieved a return on tangible equity (ROTE) of 22.9% in the first nine months of 2024, a sixfold increase on the previous year.
The bank's CEO said that the launch of the B2C trading platform on the bank's digital economy platform, Jinius, and the highly successful debut of the €300 million Green Bond issue were a testament to the bank's achievements.
It is worth noting that the key points in awarding Bank of Cyprus the title of Best Bank in the Country were the recognition of the bank's strong financial and operational performance, as well as the significant year-on-year increase in the bank's payout to shareholders. The award also recognised the bank's expansion of its digital offering to customers through Quickhub and Jinius, as well as its commitment to sustainability.
The banker highlighted that the outgoing year was a very productive one for the Bank of Cyprus, as it managed to significantly reduce the percentage of red loans. Other positives for the Bank of Cyprus mentioned by the magazine include a record increase in new loans and profits. Silvia Pavoni, editor-in-chief of The Banker, said that the Bank of Cyprus has transformed its operations over the past decade, resulting in a commendable improvement in its balance sheet and profitability.
Remember that Bank of Cyprus is the largest bank in Cyprus.
It was founded in 1899. It operates in the United Kingdom, Australia, Greece and Romania. The bank's total assets exceed €20 billion. The bank's shares are traded on the Cyprus Stock Exchange (CSE). Bank of Cyprus is the largest bank by market capitalisation on the CSE and has a wide range of shareholders. The bank has been included in the Dow Jones Cyprus Titans 10 Index since 8 October 2007. It is also listed on the Athens Stock Exchange.