(Alliance News) - Bank of Cyprus Holdings PLC on Thursday revealed improved year-on-year performance during the first quarter.
The Nicosia, Cyprus-based lender said profit rose 39% to EUR159 million in the three months ended March 31 from EUR115 million a year prior.
Net interest income increased 31% to EUR213 million from EUR162 million.
Chief Executive Panicos Nicolaou said: "Our performance was supported by continued strong net interest income, declining only modestly from the previous quarter, reflecting high rates and ample liquidity as well as our continuous focus on cost discipline and robust asset quality."
Bank of Cyprus said its performance was further aided by the resilience of the Cypriot economy, which grew 3.3% during the quarter against the backdrop of geopolitical uncertainty.
Looking ahead, a return of tangible equity exceeding 17% is expected for the full year, down from 25% last year.
Bank of Cyprus shares were up 1.7% to 366.00 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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Bk. Cyprus Hldg (BOCH)