Cyprus Business Now: wages, Hellenic Bank results, travel stats, real estate

Hellenic Bank on Wednesday reported a profit after tax of €284 million for the first nine months of 2024, marking a 28 per cent increase from the same period last year.

“During the first nine months of 2024, Hellenic Bank’s performance was strong, despite global challenges,” said CEO Michalis Louis.

“By maintaining a strong capital base and surplus liquidity, we are in a position to support the growth of the economy, supporting customer needs, both individual and business customers,” he added.

The average gross monthly salary for employees in Cyprus reached €2,363 in 2023, reflecting a 7.3 per cent increase from 2022, according to the Cyprus Statistical Service.

This follows a 7.1 per cent increase in 2022, with the median monthly salary for 2023 standing at €1,792.

Significant wage differences emerged based on gender, nationality, and sector, with information and communication technology (ICT) and financial services showing the most substantial increases.

The Central Bank of Cyprus (CBC) hosted a special session on Wednesday with various local business associations, according to an official announcement.

The session focused on the digital euro’s potential to reshape payment processing, fees, and liquidity for Cypriot businesses.

Stelios Georgakis, Acting Senior Director of the Banking Operations Division of the CBC, outlined the Eurosystem’s groundwork for a possible digital euro, detailing both planning principles and ongoing legislative negotiations.

Passenger traffic at Cyprus’ Larnaca and Paphos airports rose by 7.14 per cent in October 2024 compared to the same month in 2023, according to the Transport Ministry.

This increase supports projections that 2024 will be a record-breaking year for Cypriot airports, with passenger numbers expected to exceed 12 million.

Despite heightened geopolitical tensions, passenger traffic for the January–October period reached unprecedented levels, marking a 5.3 per cent increase over the same period last year, the ministry reported.

Apartments remained the driving force behind Cyprus’ real estate market during the third quarter, despite overall signs of stabilisation, according to the RICS Cyprus property price index.

The index, created in collaboration with KPMG, showed that most asset categories experienced minimal change during this time period.

Specifically, apartment prices rose by 0.8 per cent, continuing their steady growth, with demand for shops and warehouses remaining subdued.

The data revealed strong year-over-year gains in apartment prices, leaving behind homes and offices.

Financial services provider payabl. on Wednesday announced that it has appointed Marios Tsiailis as its new group chief financial officer (CFO).

According to the announcement, Tsiailis has “a strong track record in professional services, where he excelled in corporate finance and strategic planning”.

“Marios steps into this role to drive initiatives aimed at optimising payabl.’s financial framework and fostering sustainable growth,” the announcement added.

National investment promotion agency Invest Cyprus and TechIsland, Cyprus’ largest tech association, on Wednesday announced the signing of a memorandum of understanding (MoU).

Chairman of Invest Cyprus, Evgenios Evgeniou, commented that “Cyprus is establishing itself, steadily but surely, as a tech hub”.

On behalf of TechIsland, Chairman Valentinos Polycarpou said that “this partnership underscores TechIsland’s deep commitment to advancing the technology sector in Cyprus”.

The Cyprus Borrowers Association (Syprodat) has issued a call for comprehensive government measures to address the rising cost of living, urging action that benefits all citizens without distinctions or limitations.

In its announcement, Syprodat acknowledged some satisfaction with the government’s recent measures aimed at curbing inflation.

However, it mentioned that these initiatives only assist select groups and lack the universal scope needed to combat the widespread impact of rising prices effectively.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 6 with marginal losses.

The general Cyprus Stock Market Index stood at 191.75 points at 13:21, reflecting a decrease of 0.01 per cent.

The FTSE / CySE 20 Index was at 116.74 points, also showing a decline of 0.01 per cent.

The total value of transactions amounted to €282,299 at the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.14 per cent and 0.92 per cent respectively. The alternative index rose by 0.33 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+0.47 per cent), Hellenic Bank (no change), Logicom (+0.7 per cent), KEO PLC (+0.94 per cent), and Demetra Holdings (-0.93 per cent).