The Bank of Cyprus (BoC) on Thursday announced a profit after tax of €270 million for the first six months of 2024, marking a 23 per cent increase compared to the same period in 2023.

“We are pleased to announce that we delivered another quarter of strong profitability, demonstrating the sustainability of our business model,” said group CEO Panicos Nicolaou.

“For the sixth consecutive quarter, we achieved a ROTE of over 20 per cent, comfortably exceeding our 2024 targets set in February 2024,” he added.

Furthermore, Nicolaou said that the Bank of Cyprus regularly evaluates how best to position the group to deliver sustainable value to shareholders.

“One of the matters we have been assessing is how best to enhance the group’s market visibility, making it more accessible to a new pool of investors,” he said.

“In this spirit, the board has reached the view that a listing on the Athens Stock Exchange (ATHEX) in conjunction with a delisting from the London Stock Exchange (LSE), will yield a number of long-term strategic and capital market benefits,” he added.

Cyprus’ Fiscal Council on Thursday released its mid-year report for 2024, delving into the country’s economic performance so far, and flagging up areas of strength and vulnerability.

In addition, the report underscored the need for careful fiscal management to sustain growth while addressing long-term challenges.

The report observed that the Cypriot economy has shown resilience, with a growth rate projected to reach 3 per cent in 2024, a figure significantly higher than the broader Eurozone average.

This growth is largely driven by increased investment activities and stable private consumption.

The report stated that “the economy is exhibiting continued dynamism, bolstered by heightened investment activity coupled with sustained private consumption”.

Despite these positive trends, the council warned of potential risks that could derail this growth trajectory.

It noted the pressures on household disposable incomes, which have seen a decline, yet consumer demand remains steady.

The Larnaca Regional Tourism Board (Etap) on Thursday said that it is continuing to intensify its efforts this year under its action plan, which focuses on ecological improvements and enhancing accessibility.

The board said that this will help strengthen Larnaca’s tourism appeal and provide an enhanced environment for both visitors and locals.

One of the key initiatives is the ongoing expansion of the board’s long-term programme, centred on enriching and greening Larnaca’s beaches.

The board said that this year, the programme saw the planting of 50 additional palm trees in the tourist area, along the coastal walkway near hotels and the beachfront sports park.

“This annual collaboration between the Voroklini municipality and Etap Larnaca is crucial for improving the image of the area’s beaches, enhancing their quality and identity,” the board said.

It added that “since the programme’s inception, over 200 palm trees and other suitable trees have been planted in the Voroklini tourist area, radically transforming its landscape”.

The Cyprus Chamber of Commerce and Industry (Keve) this week said that there is an urgent need to modernise state pavilions and streamline procedures to enhance Cyprus’ presence at international exhibitions and attract investors.

In a statement, the chamber said that a meeting took place this week, in collaboration with the Ministry of Energy, Commerce, and Industry, to discuss a grant scheme for the participation of Cypriot businesses in foreign exhibitions through a state pavilion.

The meeting focused on exchanging views and submitting suggestions to improve the implementation of the scheme, with more than 30 businesses from various sectors taking part.

Moreover, Keve underlined the importance of promoting outward-looking strategies and active participation in international trade fairs, describing these as “crucial priorities for strengthening Cypriot entrepreneurship and promoting Cypriot products and services in global markets”.

Bills aimed to tackle undeclared work are set to be discussed in parliament come September, with unions and the government appearing to be on the same page on clamping down on the phenomenon.

On Thursday, Sek union general secretary Andreas Matsas told the Cyprus Mail “any regulation that aims to target this phenomenon is a positive one.”

According to Labour Minister Yiannis Panayiotou, undeclared work in Cyprus has increased to 13 per cent in the last year, up from eight per cent the previous year.

Of this, 25 per cent of undeclared work is in the construction sector.

The Cyprus Stock Exchange (CSE) ended Thursday, August 8 with losses.

The general Cyprus Stock Market Index was at 163.79 points at 11:53 during the day, reflecting a decrease of 1.05 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 99.70 points, representing a drop of 1.05 per cent.

The total value of transactions came up to €236,158, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.5 per cent and 2.04 per cent respectively. The alternative index rose by 0.49 per cent while the hotel index increased by 0.36 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+2.29 per cent), the Bank of Cyprus (-0.5 per cent), Logicom (no change), Hellenic Bank (-2.53 per cent), and Demetra (-2.04 per cent).