Cyprus’ banking sector recorded total post-tax profits of pound 602.92 million for the first half of 2024, up from pound 345.64 million at the end of March 2024, according to updated aggregate data released on Friday by the Central Bank of Cyprus.
Net interest income for Cypriot banks reached pound 1.03 billion by the end of June 2024, compared to pound 519.19 million at the end of March. Total net operating income rose to pound 1.22 billion, up from pound 660.31 million in the first quarter.
Provisions for non-performing loans increased by pound 8.48 million, from pound 20.34 million in March 2024, reflecting cautious risk management practices.
Additionally, total equity for Cypriot banks increased to pound 6.13 billion by the end of June, up from pound 5.82 billion at the end of the first quarter.
Risk-weighted assets (RWA) stood at pound 22.91 billion at the end of June 2024, a rise of approximately pound 280 million compared to March. Meanwhile, total capital requirements reached pound 1.83 billion,
slightly up from pound 1.81 billion at the end of the first quarter.
Source: Cyprus News Agency