Bank of Cyprus reports nine-month profit of €383 million for 2026

The Bank of Cyprus announced a profit after tax of €383 million for the first nine months of 2026, marking a 9% year-on-year increase compared to €353 million in the same period of 2025. Third-quarter profit reached €131 million, remaining stable. The institution’s Return on Tangible Equity (ROTE) reached 18.9%, leading management to upgrade its full-year guidance to the high teens. Total assets rose by 5% to approximately €29.95 billion, while customer deposits reached €23.48 billion, reflecting a 6% growth.

CEO Panicos Nicolaou attributed the strong performance to disciplined cost management, robust fee income, and significant growth in lending. New loan disbursements for the nine-month period totaled €2.44 billion, a 9% increase over the previous year. The bank reported that its net loans and advances reached €11.58 billion.

Regarding shareholder returns, the bank confirmed a target payout ratio of 70% for 2026, with potential for an additional dividend of up to 20%, bringing total distribution to 90%. For 2027 and 2028, the bank aims for a 70% regular dividend with an additional 30% potential bonus. The board is expected to decide on the additional dividend distribution in February 2027, with the CEO confirming that the new 1% systemic risk buffer requirement will not impact these dividend plans.