From January to March 2025, Bank of Cyprus made €133 million in profit after tax. That's 9% more than the previous quarter.
This was announced on Friday, 16 May, by the management of Cyprus' leading financial institution.
The Bank of Cyprus did really well between January and March. We're pretty happy with how things turned out, as we've done well and shown that our business model is working," said Panicos Nicolaou, the bank's CEO.
So, basic earnings per share were €0.27, the cost-to-income ratio was 34%, and the return on tangible equity (ROTE) was 18.3%. Net interest income dropped to €186 million, down 6% compared to the last quarter of 2024 and 13% year-on-year. The main reason for this trend was the revaluation of liquid assets and lower interest rates. The net interest margin in the first quarter of 2025 dropped to 3.13%.
The Bank of Cyprus made €69 million from other sources, which is up from last year.
- €44 million of that came from commissions.
- €12 million from insurance operations,
- €9 million euros made from trading in currencies and financial instruments.
- €1 million from selling and revaluing property.
- €3 million from other income.
It's worth mentioning that in the first few months of 2025, Bank of Cyprus issued a record €842 million in new loans, which is a 16% year-on-year increase. The total value of the loans given out by the bank was €10.45 billion, which is an increase of 3%. The number of problem loans went down to 1.8%, and loss coverage hit 39 basis points. Deposits hit €20.7 billion, which is just 1% higher than the last quarter.
The Bank of Cyprus spent €95 million in total over the last three months. Of this amount, €50 million was for personnel expenses, €37 million for operating expenses, and
€8 million on taxes and contributions. Total operating expenses came to €87 million. After tax, the cost/income ratio was 34%.
Even with all the economic uncertainty around the world, Bank of Cyprus is doing well thanks to its strong liquidity, capital and sensible risk management.