Eurobank Cyprus on Friday announced that it posted a net profit after tax of €214 million in 2024, marking a €14.6 million increase from the previous year, corresponding to a rise of 7.3 per cent.

In addition, profit before tax reached €258.7 million, with the announcement stating that the results “reaffirm the bank’s sound performance and resilience”.

In addition, it highlighted its “effective management of challenges in 2024, as well as the significant contribution of Eurobank Cyprus towards entrepreneurship and the development of the Cyprus economy“.

The bank maintained strong capital adequacy, with its Capital Adequacy and Common Equity Tier 1 (CET1) ratios rising to 37.4 per cent in 2024, an increase of 330 basis points from the end of 2023.

The Deputy Ministry of Tourism has expressed satisfaction with its participation at the ITB Berlin tourism conference this week, where minister Kostas Koumis led the Cypriot delegation.

According to an official announcement, the meetings aimed at enhancing tourism from Germany yielded significant advancements, including a substantial rise in airline seats scheduled for 2025.

Koumis engaged in productive discussions with leaders of tourism organisations that specialise in the German market and also met with airline executives to boost air connections.  

“The German market is an interesting market for every country, for every destination, because of its size, but also because of the profile of the German tourist,” Koumis said.  

Deputy Minister of Research Nicodemos Damianou on Friday stressed the importance of investing in artificial intelligence (AI) at the Demystifying and Unleashing AI conference in Nicosia.

The deputy minister noted that “Cyprus has progressed significantly in this area, having already notified the European Commission of the national public authorities responsible for enforcing AI compliance.”

On the topic of public sector involvement, Damianou announced an upcoming funding programme specifically designed to enhance government services through AI.

“€5 million will be made available through the Research and Innovation Foundation to the local ecosystem to develop innovative AI solutions that address specific challenges faced by the public sector,” he stated.

US Ambassador to Cyprus Julie Davis this week highlighted the crucial role of American investments in Cyprus’ economic development.

Speaking at an event at Neapolis University Paphos titled “USA – Cyprus: Strengthening Trade and Economic Ties,” Davis highlighted opportunities in tourism, real estate, the higher education sector, sustainable energy, and the attraction of international business hubs.

According to a statement from the university, the ambassador spoke warmly about the long-standing and successful relationship between the Cypriot business community and major US-affiliated enterprises.

The Cypriot real estate market saw significant activity in January 2025, with the 50 largest property transactions amounting to €30.1 million, according to real estate analytics firm Ask Wire.

The company on Friday reported that the ten most expensive sales nationwide totalled €12.1 million during this period.

The highest-value transaction was a house in Mouttagiaka, Limassol, which sold for €2.05 million.

Limassol dominated the high-value property market, accounting for seven of the top 10 transactions with a combined value of €8.8 million.

Larnaca followed with two sales worth €2.5 million, while Paphos contributed a single transaction valued at €810,000.

In terms of overall district performance, Limassol led with €11 million in its top 10 sales, followed by both Larnaca and Paphos, each recording €5.9 million.

The Cyprus Securities and Exchange Commission (CySEC) on Friday issued a warning about a surge in fraudulent activities where individuals falsely claim to represent the regulatory body.

These scammers, posing as CySEC officers, have been approaching investors via email and fake online accounts, soliciting fees in exchange for supposed compensation claims related to firms under CySEC supervision.

In a statement, CySEC stressed that it does not engage in direct contact with individuals regarding financial matters.

“CySEC never contacts individuals by telephone or sends unsolicited correspondence and does not request personal data, financial or other information,” the regulator stated.

Moreover, it urged investors to verify the authenticity of any communication by emailing [email protected] before taking action.

The commission also highlighted that some fraudsters have been using fake email addresses designed to mimic official CySEC domains.

The House on Thursday afternoon passed the National Betting Authority (NBA) and e-health authority budgets for the fiscal year 2025.

The NBA’s budget, approved by 36 MPs, projects total expenditures to reach €55,602,239 against projected revenues of €56,116,486. This results in a surplus of approximately €514,000.

Key revenue sources include €19 million from betting activity taxes and €23 million from taxes on specific gambling activities.

The turnover index for transport and storage in Cyprus increased by 1.6 per cent in 2024 compared to the previous year, according to a report released this week by the Cyprus Statistical Service.

In the fourth quarter of 2024, the index reached 142.4 points, based on the 2021 benchmark, marking a 2.2 per cent rise compared to the same period in 2023.

The sector experienced growth across various modes of transport and logistics services, reflecting increased activity in key areas.

Maritime transport saw the most significant increase, with a rise of 38.6 per cent compared to the fourth quarter of the previous year.

The industrial turnover index in Cyprus recorded a 1.6 per cent increase in 2024 compared to the previous year, according to a report released this week by the Cyprus Statistical Service.

In December 2024, the index reached 131.7 points, based on the 2021 benchmark, marking a 5.6 per cent rise compared to December 2023.

The manufacturing sector showed notable growth, with the index reaching 136.7 points in December, reflecting a 7.3 per cent increase year-on-year.

The value of bounced cheques remained at the same level as the previous month in February 2025, with an increase in the number of cheques issued, according to the Central Bank of Cyprus (CBC).

However, the number of individuals recorded in the Central Information Registry (CIR) remained relatively low.

In total, 34 bounced cheques were issued in February 2025, amounting to €42,493.

The number of individuals recorded in the preliminary list of bounced cheque issuers, maintained by the CBC, stood at 14 in February 2025, consisting of 8 legal entities and 6 individuals.

In comparison, January 2025 saw the issuance of 16 bounced cheques with a total value of €42,062.

Greece’s dependent transmission system operator Admie’s decision to temporarily suspend payments to French technology company Nexans for the manufacture and installation of submarine cables for the Great Sea Interconnector is “understandable”, Energy Minister George Papanastasiou said on Friday.

He told CyBC the decision was understandable “in the context of the technical, fiscal, and geopolitical risks inherent to the project”, with it having been revealed on Thursday that payments were suspended after Turkish warships had reportedly “disrupted” seabed surveys related to the project.

Additionally, he said that depth surveys had been completed and that Nexans is “continuing normally with their production” despite the halt in funding.

Admie had not yet delivered to Nexans a “full notice to proceed”, Papanastasiou said. Doing so would immediately make Admie fully responsible to deliver €1.4 billion to Nexans for the task.

In view of the multiple risk factors, Admie had elected to make monthly payments to Nexans, of which the latest one due had been paused, Papanastasiou said.