The reliability of the Cypriot banking system has improved significantly, and confidence in local financial institutions is at its highest level in a decade.
This is evidenced by the results of a survey conducted by the business portal StockWatch among Cypriot households in April 2025.
This survey has been conducted on an ongoing basis since 2013, tracking consumer confidence in the island's financial institutions. The latest data indicates a substantial strengthening of banks' positions, reflecting favourable changes in their policies and customer approach. The April survey was conducted shortly after parliamentary debates on the AKEL party's bill to introduce an emergency tax on bank windfall profits. Although the bill was rejected, it boosted the banking system: in response, financial institutions promised to consider the proposals and implement measures to support borrowers.
Steps taken include reducing base lending rates, introducing interest rate subsidy programmes, offering incentives to conscientious borrowers and expanding the ATM network in cooperation with the state, particularly in remote regions.
A total of 600 Cypriot households participated in the survey.
Respondents were asked to rank eight financial institutions on a scale of 0 to 10. Bank of Cyprus and Hellenic Bank received the highest ratings in terms of consumer confidence and willingness to recommend them to friends and family as a result. The Bank of Cyprus increased its overall rating from 5.7 in December 2024 to 6.35 in April 2025. The bank's reliability was rated 6.6 out of 10 and its recommendation level 6.1. Hellenic Bank increased its rating from 5.4 to 6.25. Its reliability was rated 6.4, and its recommendation level was 6.1.
The other banks in Cyprus also showed steady growth:
- Alpha Bank — from 4.55 to 5.8;
- Eurobank — from 4.65 to 5.65;
- Astrobank rose from 4.1 to 5.15.
- Ancoria Bank increased from 4.05 to 4.9.
- CDB rose from 3.7 to 4.6.
The National Bank of Greece (NBG) deserves special attention as it participated in the study for the first time in December 2024.
Its overall score increased from 3.9 to 5.1. The bank's reliability was rated at 5.4 out of 10 and its recommendation level at 4.8.
The survey was conducted via telephone interviews between 2 and 9 April 2025. The sample was random, multi-stage and stratified, covering urban and rural populations in Cyprus aged 18 and over. The survey data is included in the TrustIndex, which reflects public opinion dynamics in the country's financial sector.