BoC makes Forbes global top 20, only Cypriot lender on 500-bank list

Bank of Cyprus (BoC) ranked 19th among the world’s mid-sized banks in Forbes’ first World’s Top Performing Banks ranking, making it the only Cypriot lender to feature on the global list of 500 banks across 89 countries. The bank placed 19th out of 102 institutions in Tier 4, the category covering mid-sized banks with total assets of between $20 billion and $50 billion, according to the Forbes ranking. It was also the only bank from Cyprus included in the ranking. Forbes’ new list, produced in partnership with market research firm Statista, assesses banks using financial performance rather than customer surveys. It is separate from the publication’s existing national and global bank rankings, which rely primarily on customer evaluations. The 2026 World’s Top Performing Banks ranking covers 500 banks from 89 countries, divided into six groups according to the size of their balance sheets to allow institutions of a broadly comparable scale to be assessed against one another. BoC falls within Tier 4, covering banks with assets of $20bn to $50bn. Forbes’ latest company data puts BoC Holdings’ assets at around $27.4bn, alongside revenue of $1.4bn and profit of $549.7m. The ranking is based on four areas of financial performance, with profitability carrying the largest weighting at 30 per cent. Capital and funding resilience accounts for 25 per cent, asset quality and efficiency another 25 per cent, while growth and earnings quality carries a 20 per cent weighting. Within profitability, Forbes and Statista examined measures including return on average assets, cost-to-income ratios and net interest margins. Growth and earnings quality took into account earnings growth, stability and customer deposit growth over three-year periods, while the resilience assessment considered factors including capital strength and loan-to-deposit ratios. Asset quality and efficiency, meanwhile, covered credit quality, risk management and balance-sheet resilience. The assessment drew on financial information from data providers including S&P Capital IQ, desk research and information submitted by banks. To qualify, banks were required to have more than $3bn in assets, operate as licensed deposit-taking institutions whose core business includes lending, publish financial statements for the latest fully audited financial year and provide at least three consecutive years of financial data. Commenting on the ranking, BoC chief executive Panicos Nicolaou said the recognition was “a particularly important distinction” and another confirmation of the bank’s resilience, financial strength and execution of its strategy. “The ranking, in an assessment based exclusively on objective financial data, confirms our strong capital base and the stable, sustainable course we have set,” he said, adding that BoC was now in an “excellent position” as a result of its diversified and efficient business model. Nicolaou also linked the result to the wider domestic economy, saying the distinction “does not reflect only our own strong operational and financial performance, but also confirms at international level the broader resilience of the Cypriot economy amid challenges”. “We remain committed to supporting the Cypriot economy and creating value for shareholders, customers and society more broadly,” he concluded. The Forbes recognition follows a series of international distinctions for the group. Earlier in 2026, Global Finance named BoC the Best Bank in Cyprus, citing developments including its shareholder distributions, expansion in insurance and digital banking products.