Global Finance, one of the leading international publications focused on banking and finance, has named Bank of Cyprus the Best Bank and the Best Investment Bank in Cyprus in its 2024 awards, according to an announcement released on Tuesday.

The announcement noted that “these award wins are particularly important for the bank as they recognise the significant achievements of Bank of Cyprus during 2023, such as the strong financial and operational performance and the recommencement of dividend payments after a 12-year hiatus while expanding its digital offering to customers”.

“In a milestone year for the bank, the Bank of Cyprus has completed a significant transformation into a well-capitalised and diversified banking group,” Global Finance noted after the awards were made public.

“With a pre-tax profit of €487 million in 2023, the bank has delivered a strong performance with a commitment to sustainable growth and further developing innovative banking products,” the magazine added.

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In addition, Global Finance explained that “the bank benefits from a diversified income stream; and its insurance companies, Eurolife and GI, are leading players in Cyprus’ life and general insurance business,” noting that “the net insurance result for the year was up 20 per cent”.

What is more, the magazine said that “the well-capitalised institution delivered a ROTE of 24.8 per cent, which surpassed its 2023 targets, and a year-end CET1 ratio of 18.7 per cent”.

“The bank also maintains a highly liquid balance sheet, with €9.6 billion placed at the European Central Bank,” Global Finance concluded.

Commenting on the awards, Panicos Nicolaou, CEO of Bank of Cyprus, said “we are delighted to be named Best Bank and Best Investment Bank in Cyprus by the renowned banking and finance magazine, Global Finance”.

“This award is international recognition of the strong financial and operational performance as well as the innovative products and services that we delivered in 2023 while supporting the Cypriot economy and creating sustainable value for our shareholders”.

All of the winners of Global Finance’s Best Bank awards can be seen here, and the winners of its Best Investment Bank awards can be seen here. Global Finance’s article on the winners of its Best Bank awards in Western Europe can be seen here.