Bank of Cyprus: profit of €50 million after tax in the first half of 2022

Bank of Cyprus on Wednesday announced an after-tax profit of 50 million euros for the first half of 2022 and reaffirmed its intention to distribute a dividend from 2023.

The announced gains come days after the island’s largest lender rejected three takeover offers from Lone Star Funds. It said the proposal undervalued the Bank of Cyprus.

Bank of Cyprus rejected a third improved offer of €1.51 per share from Lone Star on 22 July, according to a statement from the lender.

Acquisition rules require Lone Star to announce whether it will make a formal takeover offer by 5 p.m. on Sept. 30. After three previous proposals, he is not certain whether a bid will be made. The first offer he made in early May was at €1.25 per share.

Shares of Bank of Cyprus in London rose as much as 23% on Friday. Shares rose 9.1% in London, giving him a market value of around £460m. The lender’s stake in Nicosia rose 3.5% to him at €1.18, giving him a valuation of €524 million.