(Google translate)
Bank of Cyprus proudly announces surplus profits for both 2023 and Q1 2024 – Following the interest rate cut, banks in Cyprus said they will not change their lending rates immediately, but will boost their profitability in 2024 even more
The exorbitant profits of millions that the domestic banks in Cyprus have celebrated once again seem to arise purely from the exploitation of consumers. In particular, Bank of Cyprus recorded net profits of €487 million for 2023 and profits of €133 million in the first quarter of 2024, which of course were used to “create value for our shareholders” primarily and primarily, as stated by the CEO of the Group himself, Panikos Nikolaou. The support of the people and the customers of the bank once again went for a walk…
Fees and commissions increase every year
Banks charge consumers for basic services they are committed to AND ARE THEIR JOB to provide, such as account maintenance, withdrawing, depositing or transferring money, and check cashing. The costs of commissions and charges are unjustifiably high and do not in any case cover any operational costs and provision of services by the bank to the consumer.
The ultimate goal of the bankers, despite promises and declarations of customer support, is clearly the accumulation of money for themselves and their shareholders. The consumer is not only the loser of this customer relationship with the banking institutions, but is also the only one who pays at the end of the day!
Then, let’s ask ourselves:
Where do all these OVERPROFITS come from? But of course from the pockets of the people, who trust their money in the hands of bankers and who, in order to put a roof over their heads, take loans on terms that only usurers could put down.
Where are the costumers’ protection laws in these cases?
Shouldn’t these scandalous bank announcements of millions in profits be accompanied by government audits and pledges to refund of abusive charges to costumers?
