The Central Bank of Cyprus (CBC) has reported that the total post-tax profits of Cypriot banks reached €952.5 million for the first nine months of 2024, compared to €602.92 million at the end of June 2024.

The data comes from updated consolidated statistics for the Cypriot banking sector, released this week.

Net interest income for the sector rose to €1.53 billion by the end of September, up from €1.033 billion at the end of June 2024.

The report also showed that the total net operating income climbed significantly, reaching €1.88 billion from €1.22 billion in the same period.

Meanwhile, total equity capital available for use in the event of a bank failure increased marginally to €6.34 billion at the end of September, compared to €6.31 billion at the end of June 2024.

What is more, risk-weighted assets, a key metric for assessing a bank’s financial health, stood at €22.83 billion by the end of September, slightly down from €22.91 billion at the end of June.

For context, the CBC noted that total post-tax profits for the full year of 2023 amounted to €1.26 billion.