The total solvency ratio of the Cypriot banking sector remained stable at 21.2 per cent at the end of December 2022, the same level as in September 2022, which was the highest point since the Central Bank of Cyprus (CBC) started keeping records.
According to the key aggregated financial indicators for the Cypriot banking sector compiled by the CBC, there was a 50 basis points increase on an annual basis.
In comparison to September 2022, the Common Equity Tier 1 (CET1) Capital Ratio decreased by 0.3 per cent and reached 17.7 per cent, but remained stable on an annual basis.
The data indicates an improved efficiency of the banking sector, as the cost-to-income ratio dropped to 68.7 per cent in December 2022, down from 82.6 per cent at the end of September 2022.
Regarding the sources of income, net interest income accounted for 68.7 per cent of the total income at the end of December, compared to 74.3 per cent previously.
Moreover, net income from fees and commissions represented 25.5 per cent at the end of December, marking a decrease of 3.5 per cent compared to the previous quarter, but registering an increase of 0.2 per cent compared to the end of December 2021.
Furthermore, at the end of December 2022, total loans accounted for 40.1 per cent of the total asset base, down 2.4 per cent on an annual basis from 41.2 per cent at the end of June.
Finally, the liquidity held by banks with central banks accounted for 38.9 per cent of total equity, compared to 37.3 per cent at the end of September of the same year.
There was an increase in both Cyprus’ employment rate and actual working hours during the first quarter of 2023, according to a preliminary estimate released this week by the state’s statistical service.
According to the relevant announcement, the total number of employed individuals during the first quarter of 2023 is estimated at 458,687, of which 407,787 are employees and 50,900 are self-employed.
Moreover, compared to the corresponding quarter of 2022, overall employment for the first quarter of 2023 increased by 2.1 per cent.
This has been primarily attributed to the sectors of Information and Communication (NACE J), Accommodation and Food Service Activities (NACE I), Human Health and Social Work Activities (NACE Q), and Administrative and Support Service Activities (NACE Ν).
Similarly, according to the Cyprus Statistical Service, the actual working hours for the first quarter of 2023 amounted to 208,240, reflecting a growth of 2.8 per cent compared to the corresponding quarter of 2022.
This increase is primarily driven by the sectors of Accommodation and Food Service Activities (NACE I), Information and Communication (NACE J), Human Health and Social Work Activities (NACE Q), and Administrative and Support Service Activities (NACE Ν).
The Cyprus Stock Exchange (CSE) ended Friday, June 9 with profits.
The general Cyprus Stock Market Index was at 114.92 points at 12:48 during the day, reflecting an increase of 2.33 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 69.52 points, representing a rise of 2.37 per cent.
The total value of transactions came up to €290,153.
In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes all rose, increasing by 2.76 per cent, 0.57 per cent, 2.68 per cent and 0.96 per cent respectively.
The biggest investment interest was attracted by the Bank of Cyprus (+4.27 per cent), Hellenic Bank (+2.48 per cent), Logicom (no change), Atlantic Insurance (-4.24 per cent), and Demetra (+2.82 per cent).