Bank of Cyprus on Wednesday announced €50 million profit after tax for the first half of 2022 and reaffirmed its intention to distribute a dividend as from 2023.
The announced profit comes days only after the island’s largest lender had rejected three takeover proposals from Lone Star Funds. It had said the offers undervalued Bank of Cyprus.
The Cypriot bank on July 22 rejected a third, improved proposal of 1.51 euros per share from Lone Star, according to a statement from the lender.
Under takeover rules, Lone Star has until 5 p.m. on Sept. 30 to announce whether it will make a formal offer. There is no certainty a bid will be made after the three previous proposals, the first of which happened in early May at 1.25 euros per share.
Bank of Cyprus shares in London rose as much as 23% on Friday. The stock closed up 9.1% in London, giving it a market value of roughly £460 million. The lender’s shares in Nicosia rose 3.5% to 1.18 euros, valuing it at 524 million euros.