Specifically, the bank’s financial results for the period show solid capital adequacy and liquidity, an improved cost-to-income ratio, and increased profitability.
The bank’s net profit marks a €14.9 million rise over the same period in 2023, corresponding to a 16 per cent year-on-year increase.
“The first half of 2024 ended with a positive outlook, which allows the bank to continue to support entrepreneurship, sustainable investments and its individual clients,” said Michalis Louis, Eurobank Cyprus’ Chief Executive Officer.
“At Eurobank Cyprus, our key priority is to continue to evolve and provide high-quality specialised services to our customers, through a customer-centric approach, which has always been a core element of our modus operandi and differentiates us from the competition,” he added.
According to the Cyprus News Agency, the meeting took place in the morning at the ministry.
The reasons for the presence of the two oil companies on the island is under speculation with market observers saying only that it indicates an interest in the region on behalf of the two oil giants.
It is recalled that two companies established a joint venture in Egypt and in March 2023 submitted a proposal to acquire 50 per cent of the Israeli company New Med Energy, valued at $2 billion.
The Israeli company owns 30 per cent of the “Aphrodite” field in Cyprus’ exclusive economic zone (EEZ), and the largest stake in the Leviathan field in Israel.
As part of its vision, the NBA is dedicated to building expertise in the betting sector and increasing the industry’s workforce, facilitating easier recruitment for companies directly or indirectly involved in the sector.
By doing so, the Authority reinforces its leading role in the sector’s sustainable development through regulation and supervision, emphasising societal protection and the reduction of illegal activities.
Following a meeting on Thursday in Cairo with new Egyptian Foreign Minister Badr Abdelatty, Kombos said there was a need to avoid further escalation and destabilisation in the Middle East.
According to a press release, Kombos and Abdelatty’s meeting was followed by extended consultations between delegations of the two countries.
Discussions focused on bilateral relations and deepening cooperation. EU – Egypt relations and energy issues were also discussed.
Specifically, Rovshan Rasulov, CEO and founder of Rgand, has launched the Direct Trade Foundation (DTF), committing $100 million to help producers from Cyprus, Greece, and other countries break into the US restaurant sector.
According to an official announcement, this foundation aims to tackle traditional barriers to entry by providing financial support, strategic guidance, and logistical backing to enable producers to sell directly to US businesses without middlemen.
“Our foundation offers strategic support, advanced technologies, and robust logistical infrastructure, enabling producers to effectively enter the US market,” Rasulov said.
Moreover, he explained that by investing in these areas, the foundation removes many obstacles that have traditionally hindered direct trade relationships between international producers and US restaurants.
It should be noted that the US food service industry, valued at approximately $1.1 trillion annually, presents formidable challenges, including complex regulatory environments and the need for reliable supply chains.
In the preceding months, inflation had risen to 2.9 per cent in June 2024, 2.7 per cent in May, and 2.36 per cent in April.
The consumer price index (CPI) for July 2024 showed a marginal increase of 0.01 points, reaching 117.73 points compared to 117.72 points in June 2024.
For the period from January to July 2024, the CPI recorded an overall increase of 2.1 per cent compared to the same period last year.
Moreover, the most notable changes in economic categories compared to July 2023 were observed in agricultural products, which saw an increase of 6.7 per cent, and petroleum products, which rose by 4.1 per cent.
The programme, which ran from August 1, 2023, to July 31, 2024, offered reduced interest rates and protection from rate increases for customers who were up-to-date with their payments.
In its announcement, Alpha Bank Cyprus noted that its reward programme for borrowers with performing loans—meaning those who have not missed any payments—has now successfully concluded.
The primary objective of the programme, the bank said, was to lower the current interest rates on qualifying housing loans and to protect up-to-date borrowers from potential increases in base rates during the programme period.
The programme capped the variable base rate at the level agreed in mortgage loan agreements as of March 31, 2023, and then reduced it by 20 basis points (0.20 per cent) for a year.
According to the announcement, the new deadline has been set for Monday, 30 September 2024, or until the scheme’s budget of €5 million is fully allocated.
Moreover, the department explained that this extension is part of its “ongoing efforts to support businesses in adopting sustainable practices”.
“We are committed to helping Cypriot businesses transition to greener operations,” the department stated.
“This grant scheme is a crucial step in reducing greenhouse gas emissions and fostering a sustainable future,” it added.
According to the report, the retail trade turnover value index rose by 5.5 per cent compared to June 2023, while the Volume Index increased by 3.2 per cent over the same period.
For the period from January to June 2024, the value index registered an overall increase of 5.3 per cent compared to the same period in 2023.
At the same time, the volume index saw a 4.0 per cent rise, reflecting heightened demand and increased consumer spending.
Notable increases were observed in the food, beverages, and tobacco category, with both non-specialised stores (supermarkets) and specialised stores reporting annual increases in the value index of 8.4 per cent and 9.9 per cent respectively.
The airline said that “the new route will operate three times a week, on Tuesdays, Thursdays, and Saturdays, with tickets starting from 35.99 euros, available for purchase on the Wizz Air website and mobile app”.
With this addition, “Wizz Air becomes the first low-cost airline to offer flights between Larnaca and Cairo”.
Moreover, the airline stated that “this new route strengthens the airline’s position in Cyprus, which recently celebrated reaching 8 million passengers to and from Larnaca Airport”.
The Cyprus Stock Exchange (CSE) ended Friday, August 2 with profits.
The general Cyprus Stock Market Index was at 174.56 points at 13:32 during the day, reflecting an increase of 1.32 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 106.34 points, representing a rise of 1.35 per cent.
The total value of transactions came up to €497,240, until the aforementioned time during trading.
In terms of the sub-indexes, the main, investment firm and hotel indexes rose by 1.91 per cent, 1.53 per cent, and 1.27 per cent respectively. The alternative index fell by 0.22 per cent.
The biggest investment interest was attracted by Vassiliko Cement Works PLC (-1.08 per cent), the Bank of Cyprus (-0.94 per cent), Demetra (+1.56 per cent), Logicom (+7.74 per cent), and Hellenic Bank (+2.75 per cent).
