Bank of Cyprus reported profit after tax of €252 million for the first half of 2026, up 7% from a year earlier, and announced a higher interim dividend as lending and deposits continued to grow.
The bank said on Tuesday that profit after tax reached €252 million in the six months to June 30, compared with €235 million in the corresponding period of 2025. Second-quarter profit amounted to €131 million, up from €121 million in the first quarter.
The lender declared an interim dividend of €0.24 per ordinary share, a 20% increase from a year earlier. The dividend will be paid in cash in October 2026.
Return on Tangible Equity (ROTE) rose to 18.8% in the first half of the year from 18.4% a year earlier, while underlying earnings per share stood at €0.58.
The bank's Common Equity Tier 1 (CET1) ratio, calculated under transitional regulatory provisions, stood at 20.9% at the end of June, compared with 21.0% at the end of 2025.
Operating profit for the first six months of the year totalled €306 million, down 2% from €312 million a year earlier, mainly due to higher operating expenses.
Second-quarter operating profit rose 11% from the previous quarter to €161 million.
The performing loan portfolio expanded to €11.4 billion, up 5% since the start of the year and 8% year-on-year.
The bank's deposit base reached €22.8 billion, increasing by 3% since January and 9% from a year earlier. Deposits remain predominantly retail-based.
In a statement accompanying the results, Chief Executive Panicos Nicolaou said the bank delivered "strong financial results in the first half of 2026, reflecting our diversified and efficient business model and our continued strong performance."
Nicolaou said the bank remains "committed to our target of a total ordinary distribution payout ratio of 70%, at the upper end of our Distribution Policy, and an additional dividend of up to 20% of 2026 profitability."
Source: CNA
