profitability

Bank profits soar by 644% in 2023

In 2023, Cyprus banking profits soared by 644% to €1.27 billion, primarily due to higher interest rates implemented by the European Central Bank to combat inflation, leading to a 97% increase in net interest income. Banks strengthened their capital reserves and significantly increased tax contributions, showcasing a robust and resilient financial sector amidst economic challenges.

MPs’ Concerns Over ATM Access and the Impact on Rural Communities

By Demis Papadopoulos

MPs are concerned about the decreasing access to ATMs in rural areas, particularly impacting senior citizens. Banks defend their reduction of ATMs due to high maintenance costs and the shift towards digital banking, sparking a debate between social responsibility and profitability. Balancing the needs of all customers remains the key focus amidst this ongoing dilemma.