HOUSE OF REPRESENTATIVES APPROVED THE AMENDMENT OF THE LAW FOR 5% VAT ON FIRST HOMES

The return on equity for the Cypriot banking system after taxes reached 24.6 per cent at the end of 2023, compared to just 4.8 per cent at the end of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

This report is based on key aggregated financial indicators of the Cypriot banking sector for the fourth quarter of 2023, published by the Central Bank of Cyprus (CBC), compiled from consolidated bank data. Additionally, the total pre-tax profits of the banking sector from ongoing operations amounted to 2.2 per cent of total assets at the end of 2023, up from just 0.4 per cent at the end of 2022. According to the CBC data, the common equity tier 1 capital ratio increased to 21.3 per cent, from 17.8 per cent in the corresponding period last year.

Finally, the cost-to-income ratio saw a significant decrease to 32.7 per cent at the end of 2023, compared to 69.1 per cent at the end of 2022.

Source: Cyprus Mail