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Bank of Cyprus Holdings PLC - Nicosia-based lender - Pretax profit multiplies to EUR62.3 million in the first half of 2022 from just EUR2.1 million a year before. Net interest income slips 4.3% to EUR145.7 million from EUR152.2 million, but total turnover rises by 6.2% to EUR415.0 million from EUR390.6 million and total operating income by 9.5% to EUR299.5 million from EUR273.4 million. Underlying return on tangible equity is 7.3%, and this is expected to exceed 10% in 2023.
The bank says it was helped by economic growth in Cyprus that outpaced the wider eurozone. Bank of Cyprus says it extended EUR1.2 billion in new loans in the recent six months, up 30% on a year before and ahead of pre-pandemic levels. At the same time, non-performing exposure ratio is reduced to 5.7% on June 30 from 6.5% on March 31, nearing its NPE ratio goal of 5%. CET1 ratio is 14.2%.
Bank of Cyprus says it expects to return to dividend payments in 2023.
"2022 is expected to be a transitional year for Bank of Cyprus, marking the final restructuring actions to transform the Group into a strong, stable and profitable organisation for banking and broader financial products and services in Cyprus," says Chief Executive Panicos Nicolaou, adding: "Our progress is being noticed."
Earlier this month, the bank said it had rejected three non-binding takeover proposals from an arm of US private equity firm Lone Star Funds, saying they undervalued the lender and failed to consider its significance to Cyprus.
Current stock price: 105.50 pence, up 2.9% in London on Wednesday
12-month change: up 10%
By Tom Waite; thomaslwaite@alliancenews.com
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