Bank of Cyprus Full-Year Net Profit Rises 4%

Bank of Cyprus full-year net profit rises 4%

(Reuters) -Bank of Cyprus reported a 4% increase in full-year net profit on Tuesday and said it would propose the distribution of 211 million euros ($220.81 million) in dividends and a 30 million euro share buyback, representing a 50% payout ratio.

"We recognise the importance of continuing to deliver attractive shareholder returns and hence we are...increasing the payout ratio range to 50-70%. We will also consider the introduction of interim dividends," Chief Executive Panicos Nicolaou said in a statement.

Profit after tax and minorities rose to 508.2 million euros from 487.2 million in 2023, with net interest income up 4% at 821.4 million euros on higher interest rates on liquid assets and loans and an increase in liquidity compared to last year.

The bank, founded in 1899, reiterated its 2025 target of a high-teens return on tangible equity (ROTE) with a 15% core capital ratio, or a mid-teens ROTE on reported equity.

($1 = 0.9556 euros)

(Reporting by Antonis PothitosEditing by David Goodman, Kirsten Donovan)