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Cypriot Banks Post €952.5 Million In Profits For Jan-Sep 2024, Driven By Strong Interest Income

Cyprus’s banking sector reported robust performance in the first nine months of 2024, achieving total post-tax profits of €952.5 million, a significant jump from €602.92 million recorded at the end of June. The latest data, published Tuesday by the Central Bank of Cyprus (CBC), highlights strong gains across key financial metrics.

Strong Interest Income Powers Profit Surge

Net interest income, a critical driver of bank profitability, reached €1.53 billion by the end of September 2024, a sharp rise from €1.033 billion just three months earlier. Total net operating income also increased substantially, climbing to €1.88 billion from €1.22 billion at the end of June.

Capital Strength And Asset Management

The Tier 1 capital—a measure of the banks’ financial stability—rose slightly to €6.34 billion by the end of September, compared to €6.31 billion in June. Meanwhile, risk-weighted assets (RWA), a benchmark for evaluating financial risk, declined modestly to €22.83 billion from €22.91 billion over the same period.

Year-Over-Year Comparison

The sector’s nine-month performance is particularly noteworthy given that total post-tax profits for 2023 stood at €1.26 billion. This year’s strong momentum indicates a significant uptick in profitability, suggesting that banks are well-positioned to exceed last year’s results.

The latest figures underscore the resilience of Cypriot banks, reflecting their ability to capitalize on rising interest rates and strengthen their financial foundations.

Forbes Middle East Unveils 100 Most Powerful Businesswomen Of 2025

Forbes Middle East has unveiled its much-anticipated 2025 ranking of the region’s top businesswomen, spotlighting influential leaders reshaping industries and driving meaningful transformation. The list was based on business size, individual accomplishments, leadership impact, and corporate social responsibility initiatives.

Top Spot For Hana Al Rostamani

For the third consecutive year, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (UAE’s largest bank by assets), claims the top position. In addition to retaining her position in the Forbes Middle East ranking, she was also featured on Forbes’ 2024 list of the World’s Most Powerful Women, securing the 60th position globally. Under her leadership, the bank achieved an impressive $3.5 billion in net profits and $334.8 billion in assets in the first nine months of 2024.

Rising Stars In The Top 10

Shaikha Khaled Al Bahar of NBK Group and Shaista Asif, cofounder and Group CEO of PureHealth Holding, take the second and third spots respectively, completing the top three.

The top 10 remains largely unchanged from last year, with Tayba Al Hashemi of ADNOC Offshore, Alisha Moopen of Aster DM Healthcare GCC, and Suzanne Al Anani of Dubai Aviation Engineering Projects (DAEP) making their debut in the top 10. In total, 27 new leaders have joined the list this year.

A Diverse And Powerful Group Of Women

This year’s list features 100 women from 32 sectors and 29 nationalities, underlining the diversity of talent driving the region’s progress. The banking and financial services sector leads with 25 entries, followed by healthcare and technology with nine each, and venture capital with five. Remarkably, 40% of the top 10 women are from the banking and financial services sector. Notably, Shaista Asif (PureHealth Holding) and Alisha Moopen (Aster DM Healthcare GCC) are the only non-Arab women in the top 10.

UAE Leads With 46 Leaders

The UAE continues to dominate, with 46 of the women on the list hailing from the country, solidifying its status as a global business hub. Egypt follows with 18 influential women, and Saudi Arabia claims nine entries. Egyptians lead in representation, followed by Emiratis and Lebanese women.

Empowering Women Through Initiatives

Several of the leaders have focused on upskilling and creating opportunities for women. Susana Rodriguez Puerta launched the ‘sAIdaty’ initiative in collaboration with the Dubai Business Women Council, aimed at providing 500 female council members in the UAE with AI skills. Similarly, Lamia Tazi of SOTHEMA collaborated with the Foundation for Research, Development, and Innovation in Science and Engineering to provide scholarships to PhD students from low-income backgrounds.

Click here for the full list.

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