The Central Bank of Cyprus has today published updated aggregate Cyprus banking sector data (profitability, balance sheet and capital adequacy data) with reference date 31 December 2024.
The profitability of the banking sector has declined in 2024 by €47 mn or 3,7%, from €1.262 mn in December 2023 to €1.215 mn in December 2024. This decrease is primarily driven by a reduction in net gains from exchange differences, an increase in administrative expenses and a decline in dividend income.
Total assets within the banking sector have risen in 2024 by €469 mn or 0,7%, from €65.169 mn in December 2023 to €65.638 mn in December 2024. This growth is largely attributed to an increase in debt securities as well as loans and advances.
The Common Equity Tier 1 (CET1) ratio of the banking sector has improved in 2024 by 3 percentage points, rising from 21,5% in December 2023 to 24,5% in December 2024. This increase is primarily due to a growth in Common Equity Tier 1 capital, which has outweighed the rise in the total risk exposure amount.
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