BoC profits more than double in 2022

BoC profits more than double in 2022

Bank of Cyprus’ profit for 2022 was 71 million euros, up from €30 million the year before.

More specifically, the profit for the second quarter of 2022 was €80 million, compared to a loss of €59 million in Q3 2022. And thanks to rising interest rates, profit after tax and before non-recurring items increased by 107% year-on-year to €188 million. The corresponding profit in 2021 was €91 million.

The Common Equity Tier 1 (CET1) ratio with transitional provisions was 15.4% on December 31, 2022, compared to 14.2% on September 30, 2022, and 14.7% adjusted for Helix 3 and 15.1% on 31 December, 2021 (and 15.8% adjusted for portfolios held for sale).

During the second quarter of 2022, the Common Equity Tier 1 (CET1) ratio was positively impacted by income before provisions and the reduction in weighted assets (primarily as a result of the completion of Project Helix 3), and negatively impacted by provisions and impairments, as well as the AT1 coupon payment. All capital ratios on December 31 include unaudited/provisional earnings for the year 2022.

Total customer deposits were up 8% annually at €19 billion in end-2022.

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