Bank of Cyprus reports half-year profits of €252 million and increased dividends

The Bank of Cyprus announced profit after tax of €252 million for the first half of 2026, marking a 7% year-on-year increase compared to the €235 million recorded in the same period of 2025. Group CEO Panicos Nicolaou attributed these results to the bank's diversified and efficient business model, noting that the return on tangible equity (ROTE) reached 18.8%. Basic earnings per share stood at €0.58, with the cost-to-income ratio remaining stable at 36%.

Following these positive financial results, the bank announced an interim dividend of €0.24 per ordinary share, totaling approximately €105 million, which represents a 20% increase from the previous year. The ex-interim dividend date is set for September 21, 2026, with the record date on September 22, and the cash payment scheduled for October 21, 2026. Additionally, the bank reported that personnel costs for the first half of 2026 reached €110 million, a 5% increase influenced by voluntary retirement schemes, which saw 51 employees depart, and performance-based bonuses.

The bank continues to maintain a strong capital position, with a CET1 ratio of 20.9% as of June 30, 2026. Management expects to maintain its ROTE performance at the high end of the mid-teens range for the remainder of the year. The next financial update, covering the first nine months of 2026, is scheduled for release on November 5, 2026.