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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.

Celestyal Cruise Line Revives Mediterranean Operations Amid Strategic Maritime Transit

Celestyal Cruises has returned its two main vessels, Celestyal Discovery and Celestyal Journey, to the Mediterranean following transit through the Strait of Hormuz and the Suez Canal. The return allows the company to proceed with its summer schedule, with sailings from Athens set to begin on May 1.

Strategic Passage And Operational Coordination

The cruise line reported that both vessels completed their critical transit with distinction, enabled by a well-executed plan that prioritized crew safety and meticulous coordination with international authorities. Celestyal’s operations team, led by industry veteran Captain George Koumpenas, collaborated with regional governments and even received oversight from the US Navy, ensuring a secure journey during uncertain times.

Revitalized Itineraries And Commercial Response

With both ships back in operation, the company is resuming its summer programme. Scheduled sailings include a three-night “Iconic Greek Islands” itinerary starting May 1 on Celestyal Discovery and a seven-night cruise covering Greece, Italy, and Croatia from May 2 on Celestyal Journey. Following a temporary slowdown in bookings, the company is preparing targeted pricing and promotional initiatives to support demand during the peak season, with planning also extending into the autumn period.

Leadership Insights And Future Outlook

Lee Haslett, Chief Commercial Officer at Celestyal, said the return of the vessels has supported booking activity. He noted that weekly business volumes have increased, reflecting improving customer confidence. While short-term demand has been affected, the company expects conditions to stabilize, supported by financial resources and travel partner networks.

Coordinated Maritime Collaboration

Close coordination with other cruise operators defined the return journey, with planning carried out in advance to support a controlled and secure transit. Celestyal Journey participated in a convoy of international vessels, contributing to an organized passage through key maritime corridors. This coordinated approach enabled operators to manage risks collectively and maintain operational continuity during a period of heightened regional uncertainty.

Experienced captains and operational crews played a central role, ensuring alignment across vessels and strict adherence to safety protocols throughout the transit. With both ships now back in service and a revised commercial approach in place, Celestyal Cruises is positioned to continue its summer programme while adapting to current market conditions.

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