BoC posts €95 mln Q1 net profit

Largest lender Bank of Cyprus posted after-tax profits of €95 mln for the first quarter of 2023 from €17 mln in the same period last year. The Bank announced Tuesday that net income from

Hellenic Bank posts €24.2 mln annual profit

Cyprus’ second-largest lender, Hellenic Bank, posted 2022 full-year net profits of €24.2 mln, a rise of 307% year-on-year. “Despite the challenges caused by the war in Ukraine and the inflationary pressures, we

Senvest becomes major shareholder in BoC

Weeks after offloading 3.2% of its 4.5% holding in Hellenic Bank, fund manager Senvest Group has increased its participation in the island’s largest lender, Bank of Cyprus. According to an announcement sent

ECB revokes RCB license

The European Central Bank (ECB) said it had withdrawn Cypriot lender RCB’s banking license months after the central bank restricted parts of its business. In March, RCB Bank struck a deal with

Hellenic Bank eyes €200 mln profit in 2023

Hellenic Bank has an optimistic strategic plan to generate over €200 mln in pre-tax profits in 2023, driven by changes in interest rates and lower operating costs following the early retirement scheme.

New bank loans, mortgage rates rise

New loans approved by Cypriot banks rose by €217 million in September compared to August, driven upwards by corporate loans of over €1 mln, which rose by 127.6 mln. Furthermore, interest rates

Unease with Hellenic CEO runs deep

The bad blood between Hellenic Bank’s CEO, Oliver Gatzke, and major shareholders appears to be behind the board’s decision to sideline the German after allegations of market abuse. In a statement to

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