The return on equity (ROE) for the Cypriot banking system, after taxes, surged to 24.6% at the end of 2023, compared to a mere 4.8% at the end of 2022. This data comes from the key consolidated financial indicators for the fourth quarter of 2023, published on Monday by the Central Bank of Cyprus, which are based on consolidated bank figures.

Additionally, the total profits of the banking sector, before taxes and from continuous operations, rose to 2.2% of total assets by the end of 2023, up from just 0.4% at the end of 2022.

According to CBC's data, the Common Equity Tier 1 (CET1) capital ratio increased to 21.3%, from 17.8% during the same period the previous year.

The cost-to-income ratio saw a significant decrease, dropping to 32.7% at the end of 2023 from 69.1% at the end of 2022.