Bank of Cyprus full-year net profit rises 4% (updated)

Bank of Cyprus Holdings

18/02/2025 07:37

(Adds CEO quote in paragraph 2, details in paragraph 3,
forecast in paragraph 4)
       Feb 18 (Reuters) - Bank of Cyprus  BOCH.CY  reported a
4% increase in full-year net profit on Tuesday and said it would
propose the distribution of 211 million euros ($220.81 million)
in dividends and a 30 million euro share buyback, representing a
50% payout ratio.
    "We recognise the importance of continuing to deliver
attractive shareholder returns and hence we are...increasing the
payout ratio range to 50-70%. We will also consider the
introduction of interim dividends," Chief Executive Panicos
Nicolaou said in a statement. 
    Profit after tax and minorities rose to 508.2 million euros
from 487.2 million in 2023, with net interest income up 4% at
821.4 million euros on higher interest rates on liquid assets
and loans and an increase in liquidity compared to last year.
    The bank, founded in 1899, reiterated its 2025 target of a
high-teens return on tangible equity (ROTE) with a 15% core
capital ratio, or a mid-teens ROTE on reported equity.
 
($1 = 0.9556 euros)

 (Reporting by Antonis Pothitos
Editing by David Goodman, Kirsten Donovan)
 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))