Bank of Cyprus reports first quarter 2026 financial results

Bank of Cyprus announced a profit after tax of 121 million euros for the first quarter of 2026, with a return on tangible equity of 18 percent. New lending reached 829 million euros, reflecting a 9 percent increase from the previous quarter, with loans distributed across large businesses, retail, small-to-medium enterprises, and international operations. The bank's performing loan book grew to 11.1 billion euros, while the non-performing exposure ratio decreased to 1.1 percent. Deposits remained stable at 22.3 billion euros, marking an 8 percent year-on-year increase. CEO Panicos Nicolaou emphasized the bank's commitment to a dividend policy targeting 70 percent of profits from 2026, alongside potential additional distributions. The bank is also expanding its operations through the acquisition of cdb bank, a strategic investment in Wealthyhood, and the establishment of a new office in India. Despite geopolitical uncertainties, the bank maintains a strong capital position and a cost-to-income ratio of 37 percent.