Breaking news

Bank Of Cyprus Reports €121 Million Q1 Profit As Lending Growth Accelerates

by THEFUTURE.TEAM

May 11, 2026

In a display of resilient financial performance, Bank of Cyprus reported profit after tax of €121 million for the quarter ended March 31, 2026. The results were supported by accelerating lending growth, stable asset quality and continued capital generation, reinforcing the bank’s broader growth strategy amid ongoing geopolitical and economic uncertainty.

Financial Performance And Growth Metrics

Return on tangible equity reached 18%, while basic earnings per share stood at €0.28. New lending increased to €829 million during the quarter, representing a 9% rise compared with the previous period. Growth in lending activity contributed to an expansion of the bank’s gross performing loan portfolio, which reached €11.1 billion. Customer deposits remained stable at €22.3 billion, reflecting continued liquidity strength and deposit stability.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Operational Efficiency And Asset Quality

Operational efficiency remained a central focus during the quarter, with the cost-to-income ratio standing at 37%. Asset quality indicators also continued improving, as the non-performing exposure ratio declined to 1.1%, while the cost of risk benefited from a net release of 17 basis points. Panicos Nicolaou said the results were supported by stabilising net interest income alongside disciplined cost management across the group.

Strategic Acquisitions And Expanding Digital Horizons

Bank of Cyprus also continued pursuing expansion through targeted acquisitions and digital investment initiatives. The bank reached an agreement to acquire the performing loan and deposit portfolio of Cyprus Development Bank Public Company Limited in a transaction involving approximately €150 million in loans and €500 million in deposits. In parallel, Bank of Cyprus acquired a 26% stake in Wealthyhood as part of efforts to strengthen its digital investment and wealth management services focused on stocks and exchange-traded funds.

Market Outlook And Future Targets

Despite continued geopolitical uncertainty, the bank said the Cypriot economy remains resilient, with GDP growth forecasts for 2026 ranging between 2.7% and 2.9%, above the broader eurozone average. Bank of Cyprus maintained its medium-term targets for 2026–2028, including a mid-teens annual return on tangible equity. Management also reiterated plans to maintain a significant shareholder distribution policy, targeting payouts of up to 90% of 2026 earnings and potentially 100% for 2027 and 2028.

Conclusion

Bank of Cyprus said its strong capital position, stable balance sheet and continued lending growth support its ability to navigate ongoing economic and geopolitical uncertainty. According to Nicolaou, the bank remains focused on supporting customers and the broader Cyprus economy while continuing to deliver sustainable returns for shareholders.

The Future Forbes Realty Global Properties

Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.