The Kenya Revenue Authority (KRA) missed its target for the full year ended June by Sh267 billion, hurt by reduced corporate profits and job cuts in a period when businesses were devastated by the depreciation of the shilling and high energy prices. The taxman collected Sh2.22 trillion in ordinary revenue, an increase of 9.5 percent … Read more
Fitch has raised the sovereign credit rating for Cyprus by a notch, with the country’s president saying this is a “vote of confidence” and a reward for maintaining a resilient economy. The rating agency said it upgraded Cyprus from ‘BBB’ to ‘BBB+’, which indicate that expectations of default risk are currently low. According to Fitch, … Read more
Increased interest income from successive interest rate hikes by the European Central Bank significantly boosted Cypriot banks’ profits in the first quarter of 2024, with the Bank of Cyprus reporting a 31% increase in net interest income and Hellenic Bank seeing a 40% rise.
Cyprus has managed to promote important reforms and launch public investments through the Recovery Plan, with more than 40 sponsorship projects announced. The amount available through the sponsorship projects is €460 million. The country has received €262 million from the European fund, with additional tranches expected to be disbursed later this year.
– The balance of non-performing loans (NPLs) in Cyprus rose to €1.9 billion in January 2024.
– The total amount of loans in January 2024 stood at €24.02 billion.
– The slight rise in NPLs is attributed to an increase in non-performing business loans.
Astrobank is opening a new branch in the Dali area in Nicosia, which is considered an underserved location with no existing banking facilities. The bank will seek regulatory approval from the Central Bank of Cyprus to distribute dividends and aims to reduce non-performing loans to single digits by July. Astrobank has a capital adequacy ratio of 23.7% and has already met the Minimum Requirements for Own Funds and Eligible Liabilities. The bank is optimistic about the future and is open to acquisitions and evaluating new opportunities in the banking sector.
Eurobank Holdings released its financial results for the first quarter of 2024, showing significant growth and robust performance. Adjusted net profits in Cyprus and Bulgaria improved substantially, with Cyprus reaching €92 million.
Fact: Legislators in Cyprus discussed government bills to harmonize current legislation on loan transfers with an EU directive on credit servicers and credit purchasers.
Fact: The annual inflation rate in the northern part of Cyprus hit 94.5 per cent in March, with monthly food inflation reaching 3.4 per cent.
Kedipes has announced a new repayment plan for non-performing loans that would be secured by a primary residence with a market value of up to €350,000. Eligible borrowers can fully repay their loan obligations by paying an amount calculated with a significant percentage discount on the market value of the mortgaged residence.