The Bank of Cyprus (BoC) on Monday reported a profit after tax of €121 million for the quarter ended March 31, 2026, supported by strong lending growth, resilient asset quality and robust capital generation.

The bank also posted a return on tangible equity (ROTE) of 18.0 per cent during the first quarter of 2026, while basic earnings per share reached €0.28.

The lender said that new lending reached €829m during the quarter, marking a 9 per cent increase compared with the previous quarter.

At the same time, gross performing loans rose to €11.1 billion, up 2 per cent quarter-on-quarter, while the mainly retail-funded deposit base remained stable at €22.3 billion.

Cyta presented three new initiatives in Nicosia on Monday aimed at strengthening digital inclusion and expanding equal access to technology across Cyprus.

The presentation took place at Cyta’s headquarters as part of activities linked to World Telecommunication and Information Society Day, which this year follows the international theme of ‘Digital Lifelines: Strengthening Resilience in a Connected World’.

The new programmes are designed to bring technology closer to those who need it most, while simultaneously strengthening access, knowledge, and participation in the digital world.

As part of the strategic rollout, the organisation announced key collaborations with several partners focusing on digital skills, artificial intelligence education, and accessibility solutions.

Visa has selected seven fintechs from Greece, Cyprus and Malta for the 2026 cycle of the Visa Innovation Programme Europe, as applications from the three markets rose by around 50 per cent year-on-year, pointing to growing momentum across the regional fintech ecosystem.

Now in its eighth cycle, the programme is designed to support fintech growth, strengthen digital payment solutions and accelerate innovation in financial services, with this year’s edition placing particular emphasis on artificial intelligence, agentic commerce, B2B solutions, money movement, open finance and data. 

Following a competitive selection process, the seven startups chosen for the Greece, Cyprus and Malta programme are AgriNow, Better, Cloudigo, Paytic, GYST, Outfindo and Peanuds. 

The Bank of Cyprus (BoC) on Monday presented its first-quarter 2026 financial results, with chief executive Panicos Nicolaou highlighting the resilience of the Cypriot economy and signalling further strengthening of shareholder returns in the coming years.

Speaking during a press conference on the bank’s first-quarter 2026 financial results, Nicolaou said that despite international crises and geopolitical instability, the Cypriot economy continues to record strong growth rates and compares favourably with the rest of the eurozone economies.

“There is economic activity even during periods of crisis,” Nicolaou said.

He added that the Cypriot economy today possesses sufficient “resilience” and adequate “buffers” to withstand possible future disruptions.

A future dividend policy aimed at the upper end of payouts formed a central part of the management’s remarks.

Nicolaou clarified that from 2026 onwards, the bank’s objective is to operate at the upper end of its ordinary dividend payout range, equivalent to 70 per cent of profits.

Cyprus has reached an important juncture as international demand undergoes a fundamental shift from pure investment interest toward relocation, lifestyle, and a long-term presence on the island.

Speaking after the recent RealtyOn Conference in Limassol, an event he described as the biggest annual conference for real estate professionals in the country, Cyprus Property Developers Association chairman Yiannis Misirlis observed that while capital traditionally seeks stability during times of uncertainty, the current trend in Cyprus goes far beyond mere risk mitigation.

According to Misirlis, international investors are “no longer looking solely for investment opportunities”.

Increasingly, he said, “they come to stay, to live, to operate and to grow in the comfort of the European environment”.

He further mentioned that geopolitics and efficiency remain part of the picture.

“But the real driving force behind it all is lifestyle, safety and the freedom provided by remote work,” he said.

The treasury office has launched a new digital tool allowing citizens to monitor the implementation of the state budget through open, interactive data, accountant general Andreas Antoniades said.

Speaking to the Cyprus News Agency (CNA), Antoniades said that the platform, based on Microsoft Power BI, forms part of the wider digital transformation of fiscal management and is designed to improve transparency, accountability and public access to financial information.

Antoniades said the initiative marks a new stage for the general accounting office, as it gives the public direct access to reliable and regularly updated data on the execution of the state budget.

He stated that “the use of modern digital tools is a basic prerequisite for enhancing transparency and accountability in fiscal management.”

Limassol’s ambitious plan to deliver hundreds of affordable rental homes has been cast into fresh uncertainty as a growing rift between the municipality and the Cyprus Land Development Organisation (Koag) threatens to stall the project.

According to Politis, both sides remain in favour of continuing the cooperation, recognising the scale of Limassol’s housing problem and the need for more affordable rental options. However, new financial, planning and design issues have complicated the project, which was first discussed around a decade ago and was originally intended to deliver about 600 apartments.

The scheme has so far moved ahead with a 36-apartment building in Ayios Nikolaos, while another four buildings are expected to begin within the next 12 months, bringing the total to 138 units.

However, the wider target remains some distance away, with questions now emerging over the next phases in Ayios Ioannis and Ayios Nikolaos. These include phases B1 and B2, which concern 180 apartments, and phase C, which covers a further 280 units.

Blackstone announced on Monday that funds managed by its private equity business have reached a definitive agreement to acquire a majority stake in Skroutz, Greece’s largest online shopping platform, from CVC Capital Partners Fund VII.

The transaction marks a major new chapter for Skroutz, which has grown into the most popular ecommerce platform in Greece, serving approximately 2.5 million active users and offering more than 26 million products through around 9,000 partner merchants.

Founded in 2005, Skroutz has evolved from a price comparison platform into what the company describes as the country’s leading marketplace, supported by its own courier and warehousing infrastructure.

Chartworld Shipping Company managing director Antonis Faraklas has warned that geopolitical instability has made international shipping increasingly difficult to predict, saying fleet diversification has become a key survival strategy for companies exposed to volatile market cycles. 

Speaking at the 1st Mare Forum Chios, Faraklas said developments such as the war in Ukraine and tensions in the Middle East were reshaping freight markets at a pace that leaves little room for reliable forecasting. 

With 46 years of experience in the shipping industry, he said Chartworld has managed a fleet of more than 70 vessels over time, operating across several segments, including containerships, reefers and bulk carriers. 

Faraklas said this spread across different markets has helped the company absorb shocks, as each segment tends to move in a different direction and at a different time. 

Eurobank S.A. released its interim consolidated financial statements on Monday, providing further detail on its performance following the initial publication of its financial results on last week.

The comprehensive report reveals a resilient adjusted net profit of €351 million for the three-month period ending in March 2026.

The group demonstrated sustained solid performance and organic growth during the first quarter of the year despite navigating a volatile geopolitical environment.

A primary driver of this success was the strong contribution from international operations, which accounted for 47 per cent of the total adjusted net profit.

Cyprus’ insurance sector is entering a more demanding period from a position of relative strength, even as global insurance leaders become less confident about short-term growth, according to Constantinos Rossides, Director and Head of Actuarial Services at PwC Cyprus.

On the findings of PwC’s 29th Global CEO Survey and the firm’s 15th annual CEO Survey in Cyprus, Rossides said that “business leaders are increasingly being asked to balance immediate risk management with long-term strategic planning, at a time when uncertainty is reshaping both global and local markets.”

The global survey, which gathered responses from 4,454 chief executives across 95 countries, including 200 from the insurance industry, points to a clear decline in confidence. In the insurance sector, only 46 per cent of CEOs globally said they were optimistic about their company’s revenue growth prospects over the next 12 months, down from 56 per cent in 2025.

Rossides said this decline reflected a more uncertain environment, as many businesses remain “in the early stages of leveraging Artificial Intelligence to achieve tangible financial results”.

The Cyprus Chamber of Commerce and Industry (Keve) announced its participation in the European co-funded eValueJobs project, aimed at strengthening pay transparency and promoting equal pay in line with new European Union requirements.

The chamber said that pay transparency and workplace equality have become central priorities within the EU’s modern employment policy framework.

According to Keve, the organisation is supporting initiatives designed to help Cypriot businesses adapt to new European obligations while improving transparency in salary structures and compensation practices.

As part of the eValueJobs project, an innovative job evaluation tool has been developed to assist businesses and organisations in objectively assessing job positions.

Cyprus’ total number of state employees reached 55,571 in April 2026, with overall public sector employment recording a marginal year-on-year increase of 0.1 per cent.

According to a report from the Cyprus Statistical Service (Cystat), total state employment increased by 81 employees compared with April 2025.

Employment in the civil service specifically declined by 1 per cent on an annual basis, the report showed.

At the same time, employment in the educational service increased by 1.7 per cent, while staffing levels in the security forces remained unchanged compared with April 2025.

The Cyprus Securities and Exchange Commission (CySEC) announced on Monday that it reached a €40,000 settlement with Bridge Global Solution Services Limited over possible breaches related to anti-money laundering legislation and procedures.

The regulator stated that the settlement concerned possible violations of the Prevention and Suppression of Money Laundering and Terrorist Financing Law as well as the relevant directive issued by the commission.

The regulator explained that, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, it has the authority to reach settlements for any violation, possible violation, act or omission where there are reasonable grounds to believe that supervised legislation may have been breached.

CySEC said that preliminary findings raised reasonable suspicions regarding possible acts and omissions linked to breaches of anti-money laundering and counter-terrorist financing requirements.

Market intelligence firm Omdia has significantly increased its semiconductor revenue forecast for 2026 to 62.7 per cent, pointing to unprecedented growth in DRAM and NAND markets driven by sustained demand and ongoing supply shortages.

The revised outlook reflects continued constraints in memory supply, which are expected to persist throughout the year and underpin strong pricing dynamics.

According to the analysis, the DRAM market is forecast to nearly double in value, while the smaller NAND segment could quadruple compared with 2025, highlighting the scale of expansion in memory technologies.

Supply challenges are being intensified by the industry’s shift towards High Bandwidth Memory (HBM) production, which delivers lower output volumes but commands significantly higher prices.

Demetra Holdings Plc on Monday announced that its board of directors has proposed a total dividend payment of €20,000,000 for the fiscal year ending December 31, 2025.

This strategic financial proposal, which follows a board meeting on May 8, corresponds to a payout of 10 cent per share to the company’s investors.

The board also decided to recommend a resolution to shareholders for the continuation of the share buyback programme for an additional 12-month period.

The Cyprus Stock Exchange announced on Monday the continued suspension of trading for shares in Mr Pengu Public Company Ltd, which is listed on the Emerging Companies Market.

The CSE confirmed that this decision was taken in accordance with Article 183 of the Cyprus Securities and Stock Exchange Law.

The exchange explained that the grounds for suspension remain in force because the company has failed to submit and publish its essential financial documentation.

The outstanding records include the half-yearly financial report for the period that concluded on June 30, 2024.

Cyprus recorded a wider trade deficit in the first quarter of 2026, as imports increased while exports declined compared with the same period last year.

Specifically, the trade deficit reached €2.04 billion in January to March 2026, compared with €1.88 billion during the corresponding period of 2025.

According to the Cyprus Statistical Service (Cystat), total imports of goods during the first three months of 2026 amounted to €3.32bn, compared with €3.29bn in the same period of 2025, representing an increase of 1.0 per cent.