Nicosia: The Bank of Cyprus announced on Tuesday its financial results for the first semester of 2026, recording profit after tax of £252 million, for the first half of 2026, of which £131 million relates to the second quarter of 2026, representing a 7% increase compared with £235 million in the first half of 2025. At the same time, the bank announced an interim dividend of £0.24 per ordinary share, increased by 20% year-on-year, which will be paid in cash in October 2026.
According to Cyprus News Agency, the financial results reveal that Return on Tangible Equity (ROTE) reached 18.8% for the six months ended 30 June 2026, compared with 18.4% for the first half of 2025. Underlying earnings per share amounted to £0.58. The Common Equity Tier 1 (CET1) ratio with transitional provisions, calculated for regulatory purposes, stood at 20.9% as at 30 June 2026, compared with 20.5% as at 31 March 2026 (or 20.7% including first-quarter 2026 profits, adjusted for the relevant provision for an ordinary distribution based on a 70% payout ratio from first-quarter 2026 profits) and 21% as at 31 December 2025.
Profit after tax for the second quarter of 2026 amounted to £131 million, corresponding to a ROTE of 19.2%, compared with £121 million and ROTE of 18.0% for the first quarter of 2026. Operating profit for the first half of 2026 amounted to £306 million (compared with £312 million for the first half of 2025, a decrease of 2% year-on-year), mainly reflecting the increase in total operating expenses. Operating profit for the second quarter of 2026 amounted to £161 million (compared with £145 million for the first quarter of 2026, an increase of 11% quarter-on-quarter).
The performing loan portfolio amounted to £11.4 billion, increasing by 5% since the beginning of the year and by 8% year-on-year. The deposit base, predominantly retail deposits, amounted to £22.8 billion, increasing by 3% since the beginning of the year and by 9% year-on-year.
In a written press release, the Bank's Chief Executive Officer, Panicos Nicolaou, stated that the bank recorded 'strong financial results in the first half of 2026, reflecting our diversified and efficient business model and our continued strong performance.' According to the CEO, 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.'