Bank of Cyprus presents 2026-2028 business plan

Bank of Cyprus CEO Panikos Nicolaou announced the bank’s business plan for the period 2026-2028, emphasizing a conservative strategy and a strong financial position. The bank reports a Common Equity Tier 1 ratio of 21% and a cost-to-income ratio below 40%. Projections include a 5% annual growth in credit expansion for 2026, with an average growth of 4% annually throughout the 2026-2028 period. The international loan portfolio is expected to grow from €1.4 billion to approximately €2 billion by 2028. Nicolaou noted that exposure to the Middle East is minimal, and the tourism sector represents only one-tenth of the bank's portfolio in Cyprus and Greece. While the plan was drafted prior to recent developments in Iran using conservative assumptions, the bank remains prepared to adapt to changing conditions. Additionally, the bank is exploring opportunities for small-scale, selective acquisitions to strengthen its competitive position against rivals like Eurobank and Alpha Bank.