TotalEnergies and Eni signed a host government agreement with Cyprus and Egypt to develop gas resources for export to Europe.

Macro/Political
• Preliminary data released by the MoF showed that the State Budget balance on a modified cash basis for January 2025 presented a surplus of EUR 780mn, against a target of a surplus of EUR 200mn and a surplus of EUR 1,093mn in the same period of 2024. The State Budget Primary Balance amounted to a surplus of EUR 2,002mn, against the primary surplus target of EUR 1,400mn and a primary surplus of EUR 2,282mn in January 2024. It is noted that an amount of EUR 418mn which refers to the time differentiation of grants from ordinary budget and an amount of EUR 202mn which refers to the time differentiation of PIB payments, do not affect the outcome in fiscal terms. Excluding these amounts, the State Budget Primary Balance is close to the target.
Source: MoF

Macro/Political
• TotalEnergies and Eni signed a host government with Egypt and Cyprus for the development of gas resources for export to Europe. The deal outlines plans to process gas from Cyprus’ Cronos field at Egypt’s existing Zohr facilities and liquefy it at the Damietta LNG plant in the Arab Republic for export to Europe. The French and Italian energy companies will now be working with the Cyprus authorities on the Cronos Development and Production Plan.
Source: Bloomberg

• In January 2025, the arrivals of tourist reached 112,100 compared to 87,961 in January 2024, recording an increase of 27,4%.
Source: Cystat

Markets
• Bank of Cyprus’ profit after income tax in 4Q24 stood at EUR 107mn compared to EUR 131mn in 3Q24. FY24 net profit stood at EUR 508mn versus EUR 489n in FY23. FY24 NII stood at EUR 822mn (+4% y-o-y) . The Bank’s NPE ratio was 1.9%, with NPE coverage at 111% (proforma for HFS). CET1 and Total Capital ratio amounted to 19,2% and 24% respectively.
Source: BoC