Bank of Cyprus reported a 2023 net profit of €487 million, approaching pre-financial crisis levels, due to high-interest rates.

Bank of Cyprus reported a 2023 net profit of €487 million, approaching pre-financial crisis levels, due to the high-interest rate environment. Pretax profit increased to EUR561.9 million from EUR90.7 million the previous year, with total operating income rising to EUR1.10 billion from EUR672.8 million. The bank's CEO, Panicos Nicolaou, forecasts a ROTE of over 17% on a 15% CET1 ratio for 2024.

February 19, 2024
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