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Bank of Cyprus profits soar to €220m in first half of 2023
August 9, 2023
The Bank of Cyprus Group on Wednesday announced an after-tax profit of €220m for the first six months of this year, a five-fold increase on the €43m posted for the corresponding period in 2022.
The second quarter of this year yielded a profit of €125m as interest rates kept increasing.
“In the first half of 2023 we delivered a strong financial and operational performance, on the back of continuing interest rate rises, improved efficiency and broadly stable cost of risk,” said Group Chief Executive Panicos Nicolaou in a statement.
The strong profitability continued to benefit from rising interest rates. Total income was €511m of which Net Interest Income (NII) was €358m, up by 146 per cent year on year, assisted by the rising rates and low deposit passthrough, the bank said.