Overview of Bank Profits and Losses in Cyprus from 2001 to 2024
December 11, 2024
Banks in Cyprus recorded profits of €2.38 billion from 2022 to 2024, largely due to interest rate hikes by the ECB aimed at fighting inflation. AKEL has proposed a 5% solidarity tax on banks to fund social programs. The bill will be discussed in Parliament but has not yet garnered the necessary majority support. Banks have been profitable in 13 years and incurred losses of €15.6 billion in 11 years since 2001.