Bank of Cyprus Holdings Public Limited Company has declared an interim dividend of €0.24 per ordinary share, equivalent to approximately €105 million and up 20% year on year. The board approved the payout on 3 August 2026. It will be paid in cash on 21 October 2026 to shareholders on the register on 22 September 2026.
The interim dividend represents a 44% payout ratio of the Group's adjusted recurring profitability for the six months ended 30 June 2026. Separately, Business Daily reported that supervisory authorities are moving towards lifting the requirement for Greek banks to obtain SSM/ECB approval for dividends.
APPROVAL TO GIVE WAY TO NOTIFICATION
According to Business Daily, the aim is that from the 2026 financial year the current approval requirement will be replaced by a simple obligation to inform the SSM of planned distribution amounts. Banks would then only need to disclose their dividend policy.
The existing regime will still apply to 2025 profits, meaning dividends distributed in 2026. Greek banks must submit their dividend proposals to the SSM and obtain approval before proceeding. Business Daily added that notification-only has applied to Cypriot banks for some time.
BAILOUT-ERA RESTRICTION AND BANK STRENGTH
Business Daily described the approval requirement as one of the last bailout-era restrictions on Greek banks. It said the rule no longer makes sense given the improvement in the country's finances and the stronger position of domestic lenders. The Total Capital Ratio of Greek banks stands at about 20%, significantly above regulatory requirements.
That strength allowed distributions in 2024 for the first time in 15 years. On 6 June 2024 Greek banks announced that the ECB had approved their dividend proposals. The approvals let the four systemic banks pay out of 2023 profits for the first time since 2008, and their payout ratios are projected to reach 50% by FY25.
BANK OF CYPRUS DISTRIBUTION RECORD
For 2024, Bank of Cyprus applied a 50% payout ratio, with a €211 million cash dividend paid on 25 June 2025 and a €30 million buyback launched in February 2025. Separate reporting put the per-share payment at €0.48. The bank has since upgraded its distribution policy to a 50-70% payout ratio starting from 2025.
For the quarter ended 31 March 2025, the bank reported a profit after tax of €117 million, up 9% quarter on quarter, with a cost-to-income ratio of 34%. Its NPE ratio fell to 1.8% at 31 March 2025. At 30 June 2026 the Group had total assets of €29.1 billion, total equity of €3.0 billion and 2,839 staff worldwide.
The bank also signed a binding agreement in April 2025 to acquire 100% of Ethniki Insurance Cyprus Ltd for €29.5 million. It said the Cypriot economy grew 3.4% in 2024, significantly outperforming the Eurozone average, and that this trend is expected to continue.
HOW SHAREHOLDERS WILL RECEIVE PAYMENT
Shareholders must hold ordinary shares on the Record Date to take part. Bank of Cyprus Holdings will act as paying agent for DI Holders, while Euroclear Bank will do so for Euronext Securities Athens Shareholders.
DI Holders on the Cyprus Stock Exchange will be paid exclusively by electronic transfer to an account with Bank of Cyprus Public Company Limited or another authorised financial institution. Those holding through CSDCR participants will be paid through their participant once the company pays the CSDCR. Euronext Securities Athens Shareholders will be paid through their participants after Euronext Securities Athens pays them the gross amount.
Related: SSM opens on-site inspections of Greek banks' 25 largest corporate borrowers