Local businesses' confidence in Cypriot banks is declining.
This is evidenced by the results of a survey conducted in June 2024 among 740 commercial companies on the island.
Interestingly, compared to the previous survey conducted in June 2023, CBC Bank and Ancoria Bank have lost most of their positions.
Note that respondents were asked to rank (on a scale of 0 to 10) seven banking institutions in Cyprus in terms of their reliability and the extent to which they would recommend a particular bank. The average score was 5.33 out of 10, down from 5.94 last time.
The highest score - 6.3 points - was awarded to Bank of Cyprus, which has been consistently at the top of the rating recently.
At the same time, Bank of Cyprus scored 6.7 points in June last year. Eurobank and Hellenic Bank came second this year with 5.8 points each, compared to 6.35 and 6.2 points respectively in June 20223. In third place is AstroBank. This bank has a confidence level of 5.05 points compared to 5.6 points in June 2023. This is followed by Alpha Bank (5.35 points vs. 5.85 points in June 2023), Ancoria (4.55 vs. 5.45) and CDBBank (4.45 vs. 5.45).
It should be noted that of the 740 companies that participated in the survey, 120 were in the construction sector, 120 in industry, 250 in retail trade and another 250 in services. The survey was conducted throughout Cyprus, in urban and rural areas, among men and women aged 18 and over.