Bank of Cyprus announced profits of €50 million for the six months

NPL reduction to 5,7%

E4BCE89B 1E0E 4E36 9636 133E6C540359

Profit after tax of €50 million for the first half of 2022 compared to €1 million in the first half of 2021, Bank of Cyprus announced on Wednesday. As mentioned in a related announcement, the results confirm the viability of the Bank's business model.

In particular, the bank announced strong new lending of €1.2 billion, up 30% year-on-year over pre-pandemic levels. 4% increase in the portfolio of net serviced loans. Reduction in NPL ratio to loans to 5.7% compared to 6.5% in March 2022. Profit after tax and before non-recurring items of €59 million, (up 20% year-on-year).

The bank's figures also highlight the successful completion of the Voluntary Retirement Plan at a non-recurring cost of approximately €99m. This will result in expected annual personnel cost savings of approximately €37m (19%)

The overall Capital Adequacy Ratio stands at 19.3%, while deposits amounting to €18.5 billion, are up by 4% on a quarterly basis. There is also a significant liquidity surplus of €6.7 billion, in a favorable position for further interest rate increases.