Cypriot banks' total profits after all taxes at the end of the first three quarters of 2024 rose to €952.5 million from €602.92 million at the end of June 2024.
This was announced by the Central Bank on Tuesday 14th January.
The net interest income of local financial institutions totalled €1.53 billion in September 2024, compared to €1.03 billion in June 2024, while total net operating income rose to €1.88 billion from €1.22 billion.
In addition, the total capital of Cypriot banks increased to €6.34 billion at the end of September 2024, from €6.13 billion three months earlier.
Risk-weighted assets stood at €22.83 bn, compared to €22.91 bn in June 2024. Finally, the total capital requirement for banks was €1.83bn, up from €1.81bn in the second quarter. During 2023, the total profit after tax of Cypriot banks reached €1.26bn, confirming the steady growth of the industry.
As a reminder, the amount of banks' net profit is directly dependent on the amount of banks' income and expenses, as well as the rate of income tax paid to the budget.