Bank of Cyprus' net profit for the first half of the year, after deducting all taxes, was €270 million.
This was announced by the management of the main Cypriot financial institution on Thursday 8 August.
It should be noted that on a year-on-year basis, the indicators increased by 23%.
The performance of Bank of Cyprus in the first half of the year was excellent. We are pleased with the results as we have achieved an excellent performance, which demonstrates the viability of our business model - said the bank's CEO, Panicos Nicolaou.
Nicolaou stressed that despite the rise in interest rates, the bank managed to issue an impressive number of new loans, totalling EUR 1.2 billion. This represents an increase of 10 per cent compared to the same period last year.
As regards the Bank's liquidity and balance sheet strengths:
- The ratio of non-performing loans (NEDs) to total loans was 2.8% (0.4% after loan losses).
- The NED coverage ratio was 85%.
- The deposit base increased by 3% year-on-year and by 2% quarter-on-quarter to € 19.7 billion.
Balance sheet liquidity was high, with € 7.3 billion placed with the ECB.
The target return on tangible equity (ROTE) was 20%. The regulatory Common Equity Tier 1 (CET1) and total capital ratios were 18.3 per cent and 23.3 per cent respectively.
In addition, the bank achieved organic capital generation of 129 basis points in the first half of the year, with a tangible book value per share of € 5.27 at 30 June, an increase of 21 per cent year-on-year.
Tangible book value per share increased by 21% year-on-year to € 5.27. We continue to execute our strategy with a focus on supporting our customers and contributing to the development of the Cypriot economy," concluded Nicolaou.