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(Alliance News) - Bank of Cyprus Holdings PLC on Monday said it saw its yearly profit and revenue increase despite maintaining cost control tight.
The Nicosia-based lender said pretax profit in 2023 multiplied to EUR561.9 million from EUR90.7 million a year prior. This was due to "sharply rising interest rates and ample liquidity whilst maintaining cost control despite inflationary pressures and robust asset quality," said Chief Executive Officer Panicos Nicolaou.
Total operating income rose to EUR1.10 billion from EUR672.8 million the year before.
Looking ahead, Nicolau said: "The Cypriot economy remains strong with GDP growing by 2.3% in 4Q2023, demonstrating once again its resilience to external shocks. In this supportive environment, we are entering 2024, from a position of strength. We will continue to execute on those levers under our control and we are confident that we can deliver a ROTE of over 17% on a 15% CET1 ratio for 2024 and mid-teens on a more normalised interest rate environment."
"We continue to execute our strategy, with a clear focus on supporting our customers, delivering shareholder value and assisting the development of the Cypriot economy," he added.
Shares in Bank of Cyprus were up 2.4% at 304.00 pence each in London on Monday at midday.
By Sabrina Penty, Alliance News reporter
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