Cyprus Business Now: BoC, Hermes, CIFA, unemployment
For the first half of 2025, the bank posted a net profit of €235m, reflecting a 13 per cent decrease compared to the first half of 2024.
According to the financial results announced on Tuesday for the six months ending June 30, 2025, the Return on Tangible Equity (ROTE) stood at 18.4 per cent, surpassing the bank’s 2025 target. The basic earnings per share reached €0.54.
The ratio of non-performing loans (NPLs) to total loans decreased to 1.7 per cent, while the Common Equity Tier 1 (CET1) capital ratio and total capital adequacy ratio (calculated for supervisory purposes) stood at 20.6 per cent and 25.8 per cent, respectively.
The number of registered unemployed persons in Cyprus stood at 11,088 at the end of July 2025, according to data released on Tuesday by the Statistical Service (Cystat).
On a seasonally adjusted basis, unemployment increased to 10,081 in July from 9,947 the previous month, continuing an increase for the second month in a row.
Nevertheless, registered unemployment fell by 789 people, 6.6 per cent, compared with July 2024.
Cystat said the annual decline was mainly driven by reduced jobless numbers in education, construction, financial and insurance activities, and manufacturing, as well as a drop in the number of newcomers to the labour market.
However, compared to June 2025, many key sectors experienced a rise in unemployment.
August is historically the busiest month for Larnaca and Paphos airports, and in 2024, traffic surpassed 1.6 million passengers for the first time.
According to Hermes, volumes have remained high since the beginning of 2025, and this year’s figures may exceed last summer’s record.
In view of the anticipated surge, the airport operator is advising passengers to arrive at least two hours before their flight.
However, as it noted, updated guidance may be issued through social media, recommending even earlier arrival during peak hours.
It also mentioned that travellers planning to leave their car at the airport can secure parking in advance via the Hermes website, up to two hours before departure, gaining access to more flexible options and lower online prices.
This interim dividend amounts to approximately €87 million and corresponds to about 40 per cent of the group’s adjusted recurring profitability for the six-month period ending June 30, 2025.
“The interim dividend reflects the group’s successful execution of its ongoing commitment to deliver sustainable returns to shareholders, supported by its continued strong financial performance,” the bank said.
For the financial year ending December 31, 2025, the group is targeting a total distribution payout ratio of 70 per cent, which is at the top end of its distribution policy range of 50 to 70 per cent.
The event, held in collaboration with the EU-funded DiGiNN initiative, aimed at strengthening Cyprus’ innovation ecosystem and accelerate research commercialisation.
The gathering brought together more than 60 participants from academia, research institutions, and the local startup community.
According to the organisers, the event served as a dynamic platform for knowledge exchange, highlighting the pivotal role of technology transfer in turning academic research into real-world impact.
In her opening remarks, Maria Markidou Georgiadou, founder and managing director of Cyprus Seeds, welcomed participants and reiterated the organisation’s mission to bridge science and entrepreneurship.
According to the announcement, the collaboration underscores payabl.’s continued investment in Cyprus, not only as a strategic business hub but also as a community it actively supports.
“The partnership brings together two organisations with shared values: a drive for excellence, a strong sense of identity, and a long-standing relationship with the people of Cyprus,” said the company.
It added that “as one of the island’s most historic football clubs, Anorthosis Famagusta FC is much more than a sports team; it’s a symbol of pride, resilience, and unity for generations of fans”.
“At payabl., we believe in the power of sports to unite people across cities, generations, and backgrounds,” said Marios Tsiailis, group chief financial officer of payabl.
According to the Q1 2025 Quarterly Statistical Bulletin, Cyprus had a total of 322 Management Companies and Undertakings for Collective Investment (UCIs) by the end of March, of which 254 were active.
Total Assets Under Management (AUM) reached €10.7 billion, marking a 6.6 per cent increase compared to the previous quarter and an 18 per cent rise year-on-year. In addition, Total Net Asset Value (NAV) stood at €9.9 billion.
According to CIFA, the importance of domestic investments, which amounted to €2.9 billion and accounted for 27.2 per cent of the total AUM. This, she noted, is particularly important for the development of the Cypriot economy.
Commenting on the latest figures, Maria Panayiotou, president of CIFA, said they “indicate the continued and sustainable growth of the sector.”
The event, set to take place in Cyprus from October 20 to October 21, 2025, is the largest of its kind organised in the Eastern Mediterranean region with a dedicated focus on energy issues.
EMC 2025 will take place under the auspices of the Ministry of Energy, Commerce and Industry of Cyprus and with the support of the Cyprus Hydrocarbons Company.
As part of its involvement, the chamber will organise a hybrid Business Matchmaking Event, also known as a B2B event, with the support of the Enterprise Europe Network Cyprus and the Digital Innovation Hub Cyprus.
The aim of the event is to bring together companies from Cyprus and abroad that are active across the entire energy value chain.
The measures follow the earlier announcement by the Association of Cyprus Banks and are aimed at providing immediate relief to those impacted and facilitating the swift restoration of damaged properties.
“The Bank of Cyprus is expressing its support for the citizens and businesses of mountainous Limassol affected by the recent fires by implementing a framework of measures aimed at immediate relief and the rapid restoration of damages,” the bank said in its statement.
In addition to the mobilisation of the bank’s SupportCY volunteer corps, which assisted from the very first moment by supporting state efforts to protect lives and homes and by strengthening fire defences in threatened areas, the bank is now rolling out financial support options.
Compared with 2023, production of beer with more than 0.5 per cent alcohol in the EU rose slightly by 0.6 per cent, equivalent to an increase of 0.2 billion litres.
According to detailed trade data from Eurostat, Cyprus exported approximately 1.31 million litres of bottled beer to non-EU countries and a further 5.67 million litres to other EU member states in 2024.
This places the country’s total beer exports at just under 7 million litres, with the bulk of exports destined for the EU internal market.
Meanwhile, production of low- and non-alcoholic beer surged by 11.1 per cent accros the EU, also representing a rise of 0.2 billion litres.