In the first quarter of 2024, the net profit of Bank of Cyprus, after deducting all taxes, amounted to 133 million euros.
This was announced by the management of the main Cypriot financial institution on Thursday 16th May.
It should be noted that compared to the previous quarter, the indicators decreased, but only by 4%.
The results of Bank of Cyprus in the first quarter of 2024 were excellent. Despite the slight decline in performance, we are satisfied with the results," 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 €676 million. This represents an increase of 46 per cent on the previous quarter and 8 per cent on the same period last year. In addition, the total loan book reached €10 billion, an increase of 2 per cent compared to the fourth quarter of last year.
Bank of Cyprus's liquidity and balance sheet strength is as follows:
- The ratio of non-performing loans (NEDs) to total loans was 3.4% (0.8% after loan losses).
- The NED coverage ratio was 77%.
- The deposit base increased by 2% year-on-year to € 19.3 billion and by about the same amount quarter-on-quarter.
- Balance sheet liquidity was high, with € 7.2 billion placed with the ECB.
The target return on tangible equity (ROTE) reached 23.6%. The regulatory Common Equity Tier 1 (CET1) and total capital ratios were 17.1 per cent and 22 per cent respectively. Including first quarter 2024 retained earnings, the CET1 ratio was 17.6 per cent and the total capital ratio was 22.5 per cent.
In addition, the bank achieved organic capital generation of 128 basis points in the first quarter of 2024, with a tangible book value per share of € 5.23 at 31 March 2024, an increase of 26% year-on-year.
Tangible book value per share increased by 26% year-on-year to € 5.23. We continue to execute our strategy with a focus on supporting our customers and contributing to the development of the Cypriot economy," Nicolaou concluded.