Concerns Rise Over Shareholder Movements At Bank Of Cyprus

Recent shareholder activities at the Bank of Cyprus have raised significant concerns within the financial community. At the Cyprus International Business Association Forum in Limassol, it was revealed that major stakeholders CarVal and Caius are contemplating the sale of their 14.65% stake in the bank. Bloomberg’s report on this potential divestiture has sparked a discourse on the future implications for the Cypriot banking sector, which is currently experiencing a period of robust health with strong capital reserves and liquidity.

The potential exit of CarVal and Caius brings to light the broader question of stability and the impact of foreign investment on local financial institutions. Industry experts, including analysts Dimitris Efstathiou and economist Fiona Mullen, have weighed in on the situation. Efstathiou noted that while the sector does not currently require additional capital injections, the entry of new foreign shareholders could catalyse technological innovation within the bank. Mullen echoed this sentiment, emphasizing the need for the banking system to maintain stability and to adapt to potential changes in shareholder dynamics.

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The Bank of Cyprus, like many financial institutions in the region, has navigated through a tumultuous past, marked by economic crises and regulatory changes. The current high liquidity and capital levels are testament to its resilience and strategic management. However, the looming possibility of a major shareholder reshuffle introduces an element of uncertainty that could have far-reaching consequences for the bank’s operational and strategic directions.

The broader Cypriot banking sector could also feel the ripple effects of such a significant transaction. The introduction of new shareholders with different strategic priorities and visions could lead to shifts in business models, potentially affecting everything from customer service approaches to technological investments.

While the Cypriot banking sector enjoys a period of stability, the potential sale of a significant stake in the Bank of Cyprus by CarVal and Caius introduces an element of uncertainty. This development calls for careful monitoring and strategic planning to ensure the continued health and growth of the bank and the wider financial sector. The ability of the Bank of Cyprus to adapt to new ownership structures while maintaining its robust financial health will be crucial in navigating this period of change.

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Mitsides Lifts First-Half Profit 14% As Margin Gains Offset Softer Sales

by THEFUTURE.TEAM

September 30, 2026

Mitsides Public Company Ltd posted a solid improvement in first-half profitability in 2026, with net profit rising almost 14 per cent despite a modest decline in revenue, supported by a stronger gross margin and lower financing costs.

According to the group’s interim financial statements, published on its website (Mitsides Group), profit after tax increased to €727,134 in the six months to June 30, from €640,011 a year earlier, an advance of 13.6 per cent.

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Margins and Finance Costs Drive The Improvement

Turnover edged down 1.05 per cent to €18.92 million, compared with €19.12 million in the corresponding period of 2025. Mitsides, which produces and distributes flour and pasta, imports and distributes food products, trades grain and operates in Serbia through its wholly owned subsidiary Mitsides Point, nonetheless delivered stronger profitability across key lines.

The main driver was a wider gross margin, which increased to 27.96 per cent from 26.7 per cent a year earlier. Operating profit also improved, rising to €1.07 million from €1.03 million in the first half of 2025.

At the same time, selling, promotion and administrative expenses increased to €4.21 million, or 22.25 per cent of sales, from €4.03 million, or 21.08 per cent of sales, a year earlier. Even with that rise in overheads, the group benefited from lower borrowing costs, helping preserve momentum at the bottom line.

Lower Borrowing Costs Support Earnings

Net finance expenses fell 25 per cent to €163,225 from €217,775. As a result, profit before tax climbed to €902,192 from €810,508 in the comparable period of 2025. Earnings per share rose to 8.87 cents from 7.81 cents.

The company also reported an improvement in short-term liquidity. Its current ratio increased to 1.35 at the end of June from 1.25 at the end of 2025, although the quick ratio softened to 0.63 from 0.69.

Balance Sheet Strength Improves

Total assets stood at €38.01 million, down from €40.01 million at the end of December, while shareholders’ equity increased to €19.95 million from €19.23 million. Net asset value per share rose to €2.43 from €2.35.

At June 30, the group had €6.94 million in floating-rate borrowings, trade receivables of €7.75 million and bank balances of €717,088.

Growth Plans Continue Amid Geopolitical Uncertainty

Looking ahead, Mitsides said it will continue investing to expand exports while defending its position in the Cypriot market. The group also highlighted uncertainty linked to the wars in Ukraine and the Middle East, as well as persistent inflationary pressures.

In Serbia, where operations are carried out through the wholly owned subsidiary Mitsides Point D.o.o., the business continued to operate against a backdrop of political and economic uncertainty. The company noted that Serbia remains committed to its European path, with the government aiming to complete the technical criteria for EU accession by the end of 2026.

The board did not recommend an interim dividend for the period. Separately, Mitsides completed payment in August of a €410,000 final dividend, equivalent to €0.05 per share, drawn from profits accumulated during the 2023 financial year.

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