Total profits for Cypriot banks reached €602.92 million after tax in the first half of 2024, compared to €345.64 million at the end of March 2024, according to updated aggregated data for the Cypriot banking sector published on Friday by the Central Bank of Cyprus.

Net interest income for Cypriot banks stood at €1.03 billion at the end of the half-year, up from €519.19 million at the end of March 2024, while total net operating income rose to €1.22 billion, from €660.31 million at the end of the first quarter.

Provisions for bad loans increased by €8.48 million, up from €20.34 million in March 2024.

Moreover, the total equity of Cypriot banks increased to €6.13 billion at the end of June 2024, up from €5.82 billion at the end of the first quarter.

Risk-weighted assets (RWAs) totaled €22.91 billion at the end of June 2024, marking an increase of approximately €280 million compared to the end of March.

Finally, total capital requirements amounted to €1.83 billion, up from €1.81 billion at the end of the first quarter.