The Bank of Cyprus announced today a net profit of €508 million for 2024, marking a 4% year-on-year increase. Of this, €107 million was recorded in the fourth quarter.

These profits are reported after tax and are part of the preliminary financial results for the fiscal year 2024.

Lending and Non-Performing Loans (NPLs)

• Record new lending of €2.4 billion, reflecting a 20% year-on-year increase.

• Performing loan portfolio reached €10.2 billion, up 4% year-on-year.

• NPL ratio decreased to 1.9%.

Capital and Profitability

• Return on Tangible Equity (ROTE) exceeded 20% for the second consecutive year.

• Net profit of €508 million, a 4% annual increase, with €107 million attributed to Q4 2024.

• High liquidity, with €7.6 billion placed with the European Central Bank (ECB).

Shares and Dividend Payout

• Basic earnings per share reached €1.14, up 5% year-on-year.

• Tangible book value per share stood at €5.775 as of December 31, 2024, a 17% increase from the previous year.

• Proposed 50% payout ratio for 2024, comprising a €211 million cash dividend and a €30 million share buyback.

With strong capital reserves, increased lending, and a stable NPL ratio, the Bank of Cyprus continues to solidify its financial position while delivering returns to shareholders.