Bank of Cyprus announced after-tax profits of €401 million for the nine months, marking a 15% year-on-year increase. Of this, €131 million was earned in Q3 2024.

New lending reached €1.7 billion, up 9% year-on-year. The performing loan portfolio stood at €10.0 billion, a 3% increase since December 2023.

Net interest income amounted to €624 million, reflecting a 9% year-on-year increase.

Net interest income for Q3 2024 remained strong at €204 million, roughly on par with Q2 2024, despite a 25 basis points reduction in interest rates.

Total operating expenses reached €266 million, up 7% year-on-year, driven by inflationary pressures.

The cost-to-income ratio remains low at 32%. For Q3 2024, the cost-to-income ratio stood at 35%, reflecting small-scale Voluntary Exit Plan expenses.

The non-performing exposure (NPE) ratio dropped to 2.4%, a low figure compared to other financial institutions in Cyprus and Greece.

The NPE coverage ratio stands at 96%. The deposit base, predominantly retail, reached €20.0 billion, up 4% year-on-year and 1% quarter-on-quarter.

The Bank maintains high liquidity on its balance sheet, with €7.5 billion placed with the European Central Bank.

The Common Equity Tier 1 (CET1) ratio and Total Capital Adequacy Ratio stood at 18.6% and 23.7%, respectively.

Including Q3 2024 profits, adjusted for a 50% distribution provision, the CET1 ratio rises to 19.1%, and the Total Capital Adequacy Ratio to 24.3%. A 50% distribution of 2024 profitability is planned, pending supervisory approval for dividend payment expected in January 2025.

Capital generation (CET1) amounted to 355 basis points for the nine months, including approximately 140 basis points in Q3 2024.

Additionally, the Bank was listed on the Athens Stock Exchange and delisted from the London Stock Exchange in September 2024, aiming to enhance the liquidity of its ordinary shares and strengthen its market presence.