The overall solvency index of the Cypriot banking sector rose to 23.3 per cent in the second quarter of 2023, up from 21.7 per cent in the first quarter of the year, marking its highest point since March 2018, according to a report released this week by the Central Bank of Cyprus (CBC).

Key financial indicators for the Cypriot banking sector during Q2 2023, compiled based on consolidated banking data released by the CBC, revealed a reduced cost-to-income ratio, dropping to 32.9 per cent in June 2023 from 33.5 per cent in March 2023, indicating increased efficiency.

Compared to March 2023, the Common Equity Tier 1 (CET1) Capital Ratio increased to 20.9 per cent in Q2 2023, up from 19.3 per cent in the first quarter, reaching its highest level since March 2018.

Regarding income sources, net interest income at the end of June increased to 72.6 per cent of total income, compared to 68.5 per cent in March 2023.

Net income from fees and commissions accounted for 15 per cent in the second quarter, showing a slight decrease from the previous quarter’s 15.3 per cent.

By the end of June 2023, total loans represented 39.5 per cent of total assets, compared to 40.5 per cent in March 2023.

Cash and cash equivalents accounted for 37.9 per cent of total assets in June 2023, compared to 38 per cent at the end of March of the same year.

As for expenses, personnel costs increased to 55.7 per cent in the second quarter of 2023 compared to 55 per cent in the first quarter.

The Cyprus Chamber of Commerce & Industry (Keve) on Friday announced the initiation of the European Learning Experience Platform (EULEP), a project co-funded by the Erasmus+ programme.

This project aims to address the evolving landscape of the digital economy by focusing on training in artificial intelligence (AI), virtual reality (VR), and social innovation (SI) for businesses.

The advent of the digital era brings both opportunities and challenges to the economy, necessitating the development of advanced business skills.

In response to this, Keve emphasised the importance of ensuring that business personnel acquire the appropriate skills to navigate the changing market dynamics and maintain resilience.

Keve explained that AI, VR, and SI are rapidly advancing, presenting new prospects in vocational education and training.

Recognising the significance of keeping the workforce equipped with the necessary skills, the EULEP project seeks to contribute to the promotion of excellence in vocational education and training, with a special focus on AI, VR, and SI.

As part of the EULEP project, an online platform will be developed to serve as a Centre of Professional Excellence.

This platform will facilitate the training of businesses in the domains of AI, VR, and SI, fostering lifelong learning within enterprises.

Keve has invited businesses to participate in this initiative by completing a short questionnaire available here.

The aim is to tailor the training programme to the specific needs of each business. The deadline for completing the questionnaires is Wednesday, November 29, 2023.

The Cyprus Stock Exchange (CSE) ended Friday, November 10 with negligible profits.

The general Cyprus Stock Market Index was at 127.17 points at 13:03 during the day, reflecting an increase of 0.02 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 77.16 points, representing a rise of 0.01 per cent.

The total value of transactions came up to €127,603.

In terms of the sub-indexes, the main and investment firm indexes remained unchanged, the alternative index rose by 0.07 per cent, while the hotel index increased by 0.96 per cent.
The biggest investment interest was attracted by the Vassiliko Cement Works Public Company Ltd (-0.66 per cent), Pandora (+4.23 per cent), Leptos Calypso Hotels (+7.41 per cent), Hellenic Bank (no change), and the Bank of Cyprus (no change).