Cypriot banks report post-tax profits of €602.92 million for first half of 2024

14:39 - 20 September 2024

Financial Services Reporter

Cyprus’ banking sector recorded total post-tax profits of €602.92 million for the first half of 2024, up from €345.64 million at the end of March 2024, according to updated aggregate data released by the Central Bank of Cyprus.

Net interest income for Cypriot banks reached €1.03 billion by the end of June 2024, compared to €519.19 million at the end of March. Total net operating income rose to €1.22 billion, up from €660.31 million in the first quarter.

Provisions for non-performing loans increased by €8.48 million, from €20.34 million in March 2024, reflecting cautious risk management practices.

Additionally, total equity for Cypriot banks increased to €6.13 billion by the end of June, up from €5.82 billion at the end of the first quarter.

Risk-weighted assets (RWA) stood at €22.91 billion at the end of June 2024, a rise of approximately €280 million compared to March. Meanwhile, total capital requirements reached €1.83 billion, slightly up from €1.81 billion at the end of the first quarter.

(Source: CNA)

Cypriot banks report post-tax profits of €602.92 million for first half of 2024

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