In 2024, the net profit of the Bank of Cyprus, after deducting all taxes, will be 508 million euros, an increase of 4% compared to 2023.
This was announced by the management of the main Cypriot financial institution on Tuesday 18th February.
At the same time, the bank's fourth quarter profit fell by % to € 107 million compared to the previous quarter, mainly due to lower interest rates.Bank of Cyprus's net interest income for the 12 months ended 31 December 2024 was €822 million (+4%) compared to January-December 2023.This year-on-year increase was mainly due to higher interest rates on liquid assets and loans, as well as ample liquidity, partially offset by low growth in time deposits and funding costs, as well as higher costs related to hedging activities.
The bank's total operating expenses increased by 8% to € 367 million, driven by higher costs for personnel, technology, advertising and professional services.The cost/income ratio was 34% for the full year and 38% for the fourth quarter of 2024, mainly reflecting higher seasonal costs.
Return on tangible equity (ROTE) for 2024 was 20%. Total loans increased by 20% to € 2.4 billion. The performing loan book of € 10.2 billion increased by 4% year-on-year.The ratio of problem loans to total loans fell to 1.9% and the coverage of problem loans was 111%.The credit loss ratio was 30 basis points. The Group's total customer deposits increased to € 20.5 million.At 31 December 2024, the tangible book value per Bank of Cyprus share was €5,775, up 17% on the previous year.
The performance of Bank of Cyprus in 2024 was excellent. We are pleased with the results as we delivered a strong performance, demonstrating the viability of our business model. As a result, our profit after tax was €508 million, up 4% from 2023. We have exceeded all the financial targets we set for 2024 - said Panicos Nicolaou, CEO of the bank.