The confidence of local businesses in Cypriot banks has taken a hit, as shown by a survey conducted in June 2024 among 740 commercial companies across the island.
Compared to a similar survey held in June 2023, CBC Bank and Ancoria Bank have seen the most significant drops in trust from businesses. In the survey, respondents were asked to rate seven banking institutions on a scale of 0 to 10 based on their reliability and how likely they were to recommend each bank. This year’s overall average score was 5.33 out of 10, a decline from 5.94 in the previous year.
Interestingly, the Bank of Cyprus continues to top the trust rankings, with a score of 6.3, although this is down from its 6.7 rating in June 2023. Coming in second place were Eurobank and Hellenic Bank, both earning 5.8 points, compared to 6.35 and 6.2 points, respectively, in last year’s survey.
In third place is AstroBank, which received a trust score of 5.05, a decline from its previous 5.6 points. Following that is Alpha Bank, with a score of 5.35 (down from 5.85 last year). Both Ancoria Bank and CDBBank saw significant declines, with Ancoria dropping to 4.55 from 5.45, and CDBBank falling to 4.45 from 5.45.
The survey involved companies from various sectors: 120 from construction, 120 from industry, 250 from retail, and another 250 from services. It was conducted across Cyprus, covering both urban and rural areas, with participants aged 18 and over, including both men and women.
Source: stockwatch.com.cy