According to the announcement, this award recognises the bank’s strong financial and operational performance, as well as the significant increase in the bank’s distribution to shareholders year-on-year. The award also factored in the bank’s expansion of its digital offering to customers, through Quickhub and Jinius, and its commitment to sustainability. It should be noted that the evaluation period ran from July 2023 to June 2024.

Silvia Pavoni, The Banker’s editor in chief, said that “the Bank of Cyprus has spent the past decade transforming its operations, leading to the commendable improvement of its balance sheet and profitability“. Pavoni also made note of the bank’s “new, interesting digital initiatives” and “its efforts to create more sustainable products”.

Commenting on the award, Panicos Nicolaou, CEO of Bank of Cyprus, said “we are delighted to be named the Bank of the Year in Cyprus by The Banker“. This award is international recognition of the success of our customer-focused strategy,” he stated. He explained that this strategy “includes leading the digital and sustainable transitions in Cyprus, with strong financial and operational performance and sustainable shareholder returns”.

Furthermore, Nicolaou also mentioned that the bank achieved a return on tangible equity (ROTE) of 22.9 per cent for the first nine months of 2024, a six-fold increase in shareholder distribution year-on-year. He added that the launch of the B2C marketplace on Jinius, the bank’s digital economy platform, and its highly successful inaugural €300 million green bond are all testaments to its accomplishments.

Source: Cyprus Mail