The Bank of Cyprus on Thursday announced its final financial results for 2024, confirming profits of €508 million, as previously indicated in its preliminary results.
In its announcement, the bank underlined its strong capital position and its ability to generate returns for shareholders.
According to the final results, net interest income for the year ending December 31, 2024, stood at €822 million, marking a 4 per cent annual increase.
The Common Equity Tier 1 (CET1) capital ratio and the Total Capital Adequacy Ratio, calculated for supervisory purposes, were reported at 19.2 per cent and 24.0 per cent, respectively.
What is more, the bank reported a CET1 capital generation of 400 basis points over the year.
Additionally, it recorded a positive impact of approximately 1 per cent upon the initial implementation of the CRR III framework in January 2025.
The tangible book value per share was noted at €5.77 as of December 31, 2024, reflecting a 17 per cent increase on an annual basis.
The proposed distribution rate remains as previously announced last month, set at 50 per cent for 2024.
This includes a cash dividend of €211 million and a share buyback programme worth €30 million.
