The award is a sign of acknowledgement of the Bank's successful transformation programme, in tandem with the strengthening of its balance sheet, improving its organic profitability, upgrading its operational model, as well as its ESG-related initiatives.

In its assessment, The Banker - a publication owned by the Financial Times - factored in the fact that Bank of Cyprus registered a €21 million profit during the first quarter of 2022, compared to a net profit of €8 million during the corresponding quarter of 2021 and a loss of €171 million in 2020. Bank of Cyprus also set a new record in lending (€618 million) while reducing its exposure to non-performing loans.

But numbers alone did not determine the accolade - Bank of Cyprus launched Jinius, the new digital economy platform, the first in Cyprus, as well as MoneyFit, offering a suite of financial management tools.

"Sustainable profitability a key factor"

Bank of Cyprus CEO Panicos Nicolaou noted that digitization is an important trend which the Bank has incorporated into its business strategy, boosting efficiency and improving customer service.

"Having completed restructuring, sustainable profitability is a key factor in our plans going forward," Mr. Nicolaou added. He went on to stress that the Bank now aims to achieve an over 10% yield on tangible equity for 2023 and to resume payment of material dividends beginning in 2023, subject to regulatory approval and market conditions.

Joy Macknight, editor of The Banker, congratulated Bank of Cyprus, noting that, beyond registering robust fundamentals, the Bank boosted its Jinius digital economy platform while expanding its ESG initiatives - a major factor in their decision to bestow the award.