{"id":4516,"date":"2025-03-06T02:40:13","date_gmt":"2025-03-06T02:40:13","guid":{"rendered":"https:\/\/in-greece.com\/index.php\/2025\/03\/06\/bumper-year-for-lenders-in-cyprus\/"},"modified":"2025-03-06T02:40:13","modified_gmt":"2025-03-06T02:40:13","slug":"bumper-year-for-lenders-in-cyprus","status":"publish","type":"post","link":"https:\/\/in-greece.com\/index.php\/2025\/03\/06\/bumper-year-for-lenders-in-cyprus\/","title":{"rendered":"Bumper year for lenders in Cyprus"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"post-1263331\">\n    <!-- .entry-header --><\/p>\n<div class=\"first-img article_thumbnail_wrapper\" itemscope=\"\" itemprop=\"associatedMedia\" itemtype=\"http:\/\/schema.org\/ImageObject\">\n                                                                    <picture><source media=\"(max-width: 767px)\" srcset=\"https:\/\/www.ekathimerini.com\/wp-content\/uploads\/2021\/01\/cyprus_bank_web-320x200.jpg?v=1612126234\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"600\" class=\"picture-main-block-image\" data-nxsrc=\"https:\/\/www.ekathimerini.com\/wp-content\/uploads\/2021\/01\/cyprus_bank_web.jpg?v=1612126233\" alt=\"Bumper year for lenders in Cyprus\" src=\"https:\/\/www.ekathimerini.com\/wp-content\/uploads\/2021\/01\/cyprus_bank_web.jpg?v=1612126233\"\/><br \/>\n                        <\/source><\/picture>\n                                                        <\/div>\n<div class=\"entry-content\" itemprop=\"articleBody\">\n<p>Despite the European Central Bank preparing for its sixth interest rate cut since June 2023, bank profits in Cyprus soared in 2024, marking two consecutive years of record earnings.<\/p>\n<p>While 2023 was already considered a milestone year, with total bank profits slightly exceeding 1.1 billion euros, 2024 has been even stronger, approaching \u20ac1.2 billion. Profits have already surpassed \u20ac1.16 billion, and, for smaller banks, the reported earnings for 2024 only account for the first half of the year. Last year is set to go down in history as the most profitable for banks, in the face of the ECB rate cuts.<\/p>\n<p>With the upcoming sixth ECB rate reduction, the deposit rate is expected to settle at 2.5%, making it unlikely that 2025 will match the profit levels of 2023, let alone 2024, which saw an additional \u20ac100 million in earnings compared to the previous year.<\/p>\n<p>The strong profitability in 2024 was largely thanks to high interest rates in the first half of the year, as until June 2024, when the first rate cut was implemented, banks operated with a 4% base deposit rate and a 4.5% main refinancing rate. By 2025, those figures had dropped to 3% for the deposit facility rate and 3.15% for the main refinancing rate.<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<\/div>\n<p><script>\n        var NXFBPixelFunc = function () {\n            document.removeEventListener(\"scroll\", NXFBPixelFunc);\n            setTimeout(function () {\n                !function (f, b, e, v, n, t, s) {\n                    if (f.fbq) return;\n                    n = f.fbq = function () {\n                        n.callMethod ?\n                            n.callMethod.apply(n, arguments) : n.queue.push(arguments)\n                    };\n                    if (!f._fbq) f._fbq = n;\n                    n.push = n;\n                    n.loaded = !0;\n                    n.version = '2.0';\n                    n.queue = [];\n                    t = b.createElement(e);\n                    t.async = !0;\n                    t.src = v;\n                    s = b.getElementsByTagName(e)[0];\n                    s.parentNode.insertBefore(t, s)\n                }(window, document, 'script',\n                    'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n                fbq('init', '109138906120213');\n                fbq('track', 'PageView');\n            }, 0)\n        };\n        document.addEventListener(\"scroll\", NXFBPixelFunc);\n    <\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/www.ekathimerini.com\/economy\/1263331\/bumper-year-for-lenders-in-cyprus\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the European Central Bank preparing for its sixth interest rate cut since June 2023, bank profits in Cyprus soared in 2024, marking two consecutive years of record earnings. While 2023 was already considered a milestone year, with total bank profits slightly exceeding 1.1 billion euros, 2024 has been even stronger, approaching \u20ac1.2 billion. Profits &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Bumper year for lenders in Cyprus\" class=\"read-more button\" href=\"https:\/\/in-greece.com\/index.php\/2025\/03\/06\/bumper-year-for-lenders-in-cyprus\/#more-4516\" aria-label=\"Read more about Bumper year for lenders in Cyprus\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":4517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"fifu_image_url":"https:\/\/www.ekathimerini.com\/wp-content\/uploads\/2021\/01\/cyprus_bank_web.jpg?v=1612126233","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-4516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/posts\/4516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/comments?post=4516"}],"version-history":[{"count":0,"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/posts\/4516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/media\/4517"}],"wp:attachment":[{"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/media?parent=4516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/categories?post=4516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/in-greece.com\/index.php\/wp-json\/wp\/v2\/tags?post=4516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}