Bank of Cyprus reports sharp increase in 9M profits

Bank of Cyprus reported sharply higher 9M profits of EUR 370 mln, recording a spectacular 66% YoY increase, which was above expectations for EUR 360 mln made by analysts, while Management lifted its full year forecast to EUR 486 mln from EUR 415 mln made earlier in the year.

BOC CEO Andreas Eliades said the Board decided to declare an interim dividend of EUR 0.188 per share. Eliades added that the Group’s results confirm the Bank’s correct strategy with profits sustainable.