sustainable development

Cyta defends data centre plans in House committee meeting

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Cyta defends data centre plans in House committee meeting

Telecommunications company Cyta is conducting a study on establishing a new data centre, with interest from ten companies. Cyta aims to find a strategic partner for the project, holding a 51% stake. An initial feasibility study was conducted but withdrawn for further scrutiny. Cyta approached 39 companies, with eight initially showing interest. The project focuses on sustainable development, including renewable energy sources. The Auditor General described Cyta as a healthy organization but criticized the previous board and highlighted issues with a submarine data cable project involving political connections. Cyta withdrew from this project due to changed financing terms, denying any political influence.

Cypriots can, ’t get rid of the blues

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Cypriots can, ’t get rid of the blues

– Cyprus ranked 50th in the World Happiness Report, falling four spots from the previous year.
– The report covers 143 countries and notes Cyprus’s decline in happiness rankings over the past two years, from a high of 41st place.
– According to the report, younger people in Cyprus (under 30s) rank 51st in happiness, while those over 60 rank 57th.
– Finland is ranked as the happiest country for the fourth consecutive year, followed by Denmark, Iceland, and Sweden.
– Cyprus ranks higher in happiness than neighboring countries Greece (64th) and Turkey (98th).
– Afghanistan is ranked as the least happy country, with Lebanon, Lesotho, Sierra Leone, and the Congo also in the bottom five.

Eurobank growing into a regional powerhouse , — Cyprus central to its plans

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Eurobank growing into a regional powerhouse , — Cyprus central to its plans

– Eurobank’s financial results for 2023 exceeded initial expectations.
– Eurobank has a business plan for 2024-2026 aiming to become a regional banking powerhouse.
– The bank has a strong presence in Cyprus, which is expected to deepen.
– The bank’s board of directors will meet in Cyprus on March 20-22.
– Eurobank’s 2023 financial highlights include a per-share net profit of €0.31 and a return on equity of 18.1%.
– Earnings per share increased by 21.1% compared to 2022, reaching €2.07.
– 37% of net profits came from international activities.
– The Capital Adequacy Ratio (CAD) was 20.2% and the Common Equity Tier 1 (CET1) ratio was 17%.
– Non-performing exposures (NPEs) were at 3.5%, with a coverage ratio for non-performing loans of 86.4%.
– The loans-to-deposits ratio was 72.3%, and the liquidity coverage ratio was 178.6%.
– The business plan for 2024-2026 includes integrating Hellenic Bank in Cyprus and expanding in the region.
– About 50% of profits are expected to come from international operations.
– The plan targets a capital return of about 15% on a recurring basis and a dividend payout ratio of nearly 50% by 2026.
– Net interest income increased by 46.9% compared to 2022, reaching €2.17 billion.
– Fee and commission income grew by 4.2% in 2023, totaling €544 million.
– Organic revenues increased by 35.8% annually, reaching €2.71 billion.
– Operating expenses increased by 5.2% compared to 2022, reaching €902 million.
– The cost-to-income ratio improved to 33.2% in 2023.
– Organic pre-provision operating income increased by 58.6% annually, totaling €1.816 billion.
– Provisions for impaired loans increased by 24.7% compared to 2022, reaching €345 million.
– Organic pre-tax operating profits surged by 69.4% in 2023, totaling €1.47 billion.
– Adjusted pre-tax profits amounted to €1.55 billion, with adjusted net profits increasing by 6.6% to €1.256 billion.
– Adjusted net profits from international activities increased to €468 million in 2023.
– Operational performance in Cyprus and Bulgaria showed substantial improvement.
– Eurobank acquired a majority stake in Hellenic Bank and completed the acquisition of BNP Paribas Personal Finance in Bulgaria.
– Eurobank’s regional presence is significant, contributing approximately 37% to its profitability in 2023.
– Eurobank Cyprus began operations in 2007 and is the third-largest bank on the island.
– Eurobank Cyprus operates in five core business pillars.
– Eurobank has no intention of using Hellenic Bank’s excess liquidity elsewhere in the group.
– Eurobank and Hellenic Bank will continue to operate separately until conditions are met for their merger.
– Eurobank signed a Memorandum of Understanding with NPCI International Payments Limited to enhance remittances from Greece to India.

Platform set up to evaluate business, ’ ESG compliance

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Platform set up to evaluate business, ’ ESG compliance

The Cyprus Credit Bureau, in collaboration with the Cyprus Banks Association and ICAP CRIF, is introducing a tool for assessing compliance with ESG (Environmental, Social, Governance) criteria through the Interbank Business Evaluation Project using Synesgy, a global digital platform. This initiative aims to enhance transparency and sustainability in Cyprus by enabling companies of all sizes and sectors to assess their ESG compliance and obtain a certificate valid for one year. Companies will receive a personalized Action Plan with recommendations for improving their ESG performance based on the assessment results. The methodology for evaluating a company’s ESG data adheres to current international and European regulations and standards, and the Synesgy questionnaire is certified by the CRIF Rating Agency. The platform facilitates easy access for businesses to complete the questionnaire, which is crucial for accurate ESG assessment and is shared with the company’s banking partners. Yiannis Tomasides, General Manager of Artemis Credit Bureau, highlighted the project’s significance in evaluating and enhancing the ESG performance of Cypriot companies and banks, contributing to the development of an ESG ecosystem in Cyprus.