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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.

Mirendil Signs $100 Million Google Cloud Deal To Advance Self-Improving AI

AI startup Mirendil has signed a multi-year agreement worth more than $100 million with Google Cloud to secure computing infrastructure for its self-improving AI research.

The partnership reflects growing competition among AI companies to lock in access to high-performance computing, while cloud providers race to attract promising startups developing next-generation AI models.

Backing The Next Stage Of AI Research

Mirendil plans to use Google’s Tensor Processing Units (TPUs), Nvidia GPUs and managed training infrastructure to develop AI systems capable of improving their own performance over time.

Known as recursive self-improvement, the concept focuses on building AI that can refine its knowledge and capabilities with minimal human intervention. The technology is attracting growing interest across the industry, with several startups and leading AI labs exploring similar approaches.

According to co-founder and Chief Executive Behnam Neyshabur, the long-term goal is to develop AI that can automate scientific research and accelerate discoveries in fields such as medicine, biology and materials science.

Compute Capacity Becomes A Strategic Asset

Training increasingly advanced AI models requires enormous computing resources, making long-term infrastructure agreements a critical competitive advantage.

Mirendil said Google’s combination of TPUs and GPUs allows workloads to be matched with the most suitable hardware, improving efficiency while reducing costs for customers.

For Google Cloud, the agreement strengthens its position in the race to provide infrastructure for frontier AI developers, while giving the company exposure to one of the industry’s emerging approaches to next-generation artificial intelligence.

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