Breaking news

Bank of Cyprus Receives Notable Ratings Upgrade By Fitch

by News Editor

March 18, 2025

In a remarkable financial development, Fitch Ratings has elevated the ratings of the Bank of Cyprus Public Company Limited (BoC) from ‘BB+’ to ‘BBB-‘, indicating a strong positive outlook. This upgrade underscores the bank’s enhanced asset quality and robust capitalization.

The rating improvement is largely attributed to the bank’s strategic reduction in problematic legacy assets, such as non-performing exposures (NPEs) and net foreclosed properties. This has enabled a healthier capital structure with reduced encumbrance by unresolved problem assets.

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

Fitch notes that despite lowering interest rates, BoC’s profitability remains solid thanks to its competence as the largest domestic bank in Cyprus. With consistent deleveraging, it is poised for ongoing financial stability.

Prospective Economic Growth For Cypriot Banks

The favorable outlook anticipates better business and financial prospects amidst Cyprus’s economic growth, with decreasing unemployment and lower private sector debt. BoC’s plans to expand into wealth management and insurance activities stand to gain from these economic trends.

Expectations are that the ratio of BoC’s problem assets will drop below 5% within two years, thanks to diminishing NPE portfolios and active disposals of foreclosed assets. Last year, the bank’s operating profit/risk-weighted assets (RWA) ratio was a robust 5.4%, indicating a sustainable path forward.

Financial Strength And Stability

By the end of 2024, BoC boasted a common equity Tier 1 (CET1) ratio of 19.2%, with a notable buffer over regulatory demands. The bank’s CET1 encumbrance by problem assets fell significantly owing to further disposals.

Supported by a strong Cypriot deposit base, BoC maintains excellent liquidity. Looking ahead, while a downgrade is improbable, Fitch warns that any economic downturn in Cyprus could impact ratings. However, further elevation of the operating environment for Cypriot banks could enhance BoC’s business profile.

If you’re curious about technological advancements in Cyprus, read AI At Work: Cyprus Among Europe’s Most AI-Skeptical Nations.

The Future Forbes Realty Global Properties

Cyprus Beer Deliveries Fall 2.3% In First Nine Months Of 2026

by THEFUTURE.TEAM

October 12, 2026

Beer deliveries in Cyprus fell by 1.2% year on year in September, as growth in domestic demand failed to offset a sharp decline in exports, according to the Cyprus Statistical Service (Cystat).

Domestic Market Remains Resilient

Total beer deliveries reached 4.32 million litres in September, down from 4.37 million litres a year earlier. Domestic deliveries increased by 2.4% to 4.29 million litres, compared with 4.19 million litres in September 2025, highlighting the importance of local consumption to the sector.

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

Exports Drop Sharply

Exports fell by 84.4% year on year to 28,577 litres, from 183,503 litres in September 2025. The decline highlights the volatility of Cyprus’s beer exports, where relatively small volumes can lead to substantial percentage changes.

Deliveries Decline Month On Month

Compared with August 2026, total beer deliveries decreased by 2.2%, from 4.42 million litres. Domestic deliveries rose by 1.5% month on month to 4.29 million litres, up from 4.22 million litres, while exports dropped by 85.1% to 28,577 litres, compared with 192,313 litres in August.

Year-To-Date Deliveries Remain Below 2025 Levels

Between January and September 2026, total beer deliveries amounted to 33.60 million litres. Of this volume, 32.37 million litres went to the domestic market, while 1.23 million litres were exported.

Overall deliveries were approximately 2.3% lower than in the same period of 2025. Domestic deliveries remained broadly stable, declining by around 0.6% year on year, according to Cystat’s monthly percentage changes.