Bank of Cyprus completes new share buyback round

Bank of Cyprus completes new share buyback round

The Bank of Cyprus announced on Monday that it completed a new round in its share buyback programme, which was originally disclosed in April of this year, with 34,150 shares being purchased in total.

According to an official announcement, the bank acquired 22,183 shares on the London Stock Exchange (LSE) at a weighted average price of £3.68 per share and 11,967 shares on the Cyprus Stock Exchange (CSE) at an average price of €4.25 per share on May 17.

These share purchases are part of the bank’s ongoing buyback programme, which aims to repurchase up to €25 million worth of its own shares.

This initiative was announced on April 19, 2024, as a strategic move to enhance shareholder value.

“The total shares purchased of 34,150 will be cancelled,” the announcement said.

In related financial news, the bank reported robust earnings for the first quarter of 2024, posting a profit after tax of €133 million.

While this figure represents a 4 per cent drop from the previous quarter, it corresponds to a massive 40 per cent rise when compared to the same quarter of the previous year.

“During the first quarter of the year, we delivered a ROTE of 23.6 per cent, the fifth consecutive quarter with a ROTE over 20 per cent, tracking ahead of our 2024 targets,” Bank of Cyprus CEO 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,” he added. (Cyprus Mail)

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