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Bank of Cyprus Reports €117 Million Profit, Record Lending in Q1

The Bank of Cyprus has reported a successful first quarter in 2025, boasting a €117 million profit after tax, a 9% rise from the previous quarter.

Key performance metrics indicated resiliency, with the Return on Tangible Equity (ROTE) at 18.3%, outpacing the bank’s yearly goals.

CEO Panicos Nicolaou highlighted the bank’s consistent strong performance, citing a cost-to-income ratio of 34% and maintaining credit quality with non-performing exposures under 2%.

Bank of Cyprus saw new lending rise to a historic €842 million, marking a remarkable 16% increase compared to the previous quarter.

In strategic moves to diversify, the bank has acquired Ethniki Insurance Cyprus, enhancing its position in the Life and Non-Life sectors.

The Cypriot economy, growing by 3.4% in 2024, continues to outpace the Eurozone average, strengthening the bank’s outlook amidst global economic uncertainties.

With a plan to pay a €211 million cash dividend, Bank of Cyprus remains confident in meeting its targets and supporting the nation’s economy.

Cyprus Expects More French Visitors In 2027 As Air Capacity Expands

Cyprus expects more French visitors in 2027 as airlines increase capacity between the two countries, Tourism Deputy Minister Kostas Koumis said after meetings with tour operators in Paris.

France, one of Cyprus’ key tourism markets, has had a difficult 2026. French arrivals fell 46% year over year to 8,453 in August, from 15,663 a year earlier, according to the Statistical Service of Cyprus (Cystat). August arrivals were also nearly 50% below the 16,798 recorded in the same month of 2024.

Overall, Cyprus received 2.82 million tourist arrivals between January and August, down 7% from the same period in 2025.

Air Connectivity Supports 2027 Outlook

Koumis discussed the 2027 outlook with senior executives from tour operators offering Cyprus holidays during the IFTM Top Resa travel trade fair in Paris.

Higher air capacity between France and Cyprus was a key focus of the talks. Participants also discussed the impact of geopolitical tensions in the Middle East on the French market and Cyprus’ efforts to adapt its tourism offering to French travelers.

“The French market is undoubtedly an extremely important market for our country’s tourism,” Koumis said, adding that France had regained importance only a few years ago and still had room to grow.

Improved air connectivity will be an important factor in that expansion, according to Koumis. “It is now clear that air connectivity between France and Cyprus is improving significantly, which is a basic prerequisite for the further growth of the market,” he said.

Cyprus Promotes Tourism And Regional Cooperation

Koumis attended the opening of IFTM Top Resa at the invitation of French Tourism Minister Serge Papin, who later visited the Cyprus stand. Held from Sept. 15 to 17 at Paris Porte de Versailles, the event brought together more than 32,000 tourism professionals representing 177 destinations and 1,650 brands, according to organizers.

During his visit, Koumis also met Egyptian Tourism Minister Sherif Fathy. Cyprus and Egypt reaffirmed their tourism cooperation and discussed opportunities to strengthen ties further.

French media interviews covered Cyprus’ tourism offering, infrastructure and services, along with efforts to develop specialized tourism products. Regional instability weighed on arrivals in 2026, particularly during the spring, although the decline narrowed over the summer.

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