THURSDAY, 17 AUG 2017

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Harris Georgiades Hails Strong Economic Growth

Anastasiades to Probe Possibility of New Settlement Initiative during UN General Assembly

IMH LTD
MTN_07/07-10/04_468x60px

SERVICES

brought to you by Barclays

BOC: Profit After Tax Reaches €64M in 2016

BOC: Profit After Tax Reaches €64M in 2016

Bank of Cyprus released the Bank's preliminary financial results for 2016. According to the report, profit after tax attributable to the owners of the Bank for FY2016 was €64 mn. Profit after tax attributable to the owners of the Bank for Q4 2016 totalled €2 mn, compared to a profit of €5 mn for Q3 2016.

In his statement, John Patrick Hourican, CEO, Bank of Cyprus Group, said that the Banks results this quarter were satisfactory and reflect their strategy of continued de-risking.

 “We are pleased to have delivered a modest profit in 2016 and to have started 2017 with the full repayment of ELA, a successful return to the debt capital markets and the successful listing of our shares on the London Stock Exchange.”

He added that during the fourth quarter of 2016 the Bank saw continued positive momentum in risk reduction. The reduction in NPEs in the fourth quarter of €867 mn was nearly double the in-quarter reduction of €459 mn for loans where delinquency of greater than 90 days (90+ DPD) is recorded. In the full year 2016 the Bank achieved a €3.0 billion reduction (27%) in 90+ DPD and €2,9 billion reduction (21%) in NPEs. These are very pleasing reductions and we expect continued progress.

Deposit growth in the fourth quarter was extremely strong. Deposits in the fourth quarter grew by €867 mn and, at the end of December our loan to deposit ratio stands at a healthy 95%, well inside the European averages. This strong growth helped contribute to our ability to fully repay ELA so rapidly.

Underlying pre provision operating profitability in the fourth quarter was strong at €148 mn or €566 mn for the full year. In line with our on-going strategy, we continued to direct the majority of our operating profit to de-risk our balance sheet and drive asset quality improvement. The Bank expects this theme to continue in coming quarters. The Bank posted a profit of €2 mn in the fourth quarter and a full year profit of €64 mn.

At the end of 2016 the Group’s capital position was again improved. The Capital Ratio (CET1) was 14.7% and, when adjusted for the issue of the €250 mn subordinated bond in January 2017, the Group’s pro forma Total Capital ratio was c. 16%.

“Underpinning the Group’s momentum is a recovering Cypriot economy. It was pleasing to note a 2.8% growth rate in the underlying economy for 2016. This allowed us grant new lending of more than €1 bn to the Cyprus economy in 2016”  he added.

MORE ON SERVICES

BoC Selects IBM for its Digital Transformation Plan

Bank of Cyprus has selected IBM as its “strategic partner” for its ...

Eurobank Cyprus Launches UCITS Mutual Funds

Eurobank Cyprus has announced the launch of UCITS ERB Funds VCIC PLC, strengthening its ...

Plath to Provide Electronic Warfare and Communication Intelligence System to German Armed Forces

Plath Ltd, a Limassol-based high-tech communication intelligence company, member of the ...

FROM AROUND GOLDNEWS

   

UN: Parties in Cyprus Should Make a Decision on the Way Forward

The parties in Cyprus are in a period of reflection, the United Nations said, adding that the UNSG will make a decision on the way forward in due course. ...
   

Eurostat: Industrial Production Down By 0.6% in Euro Area in June 2017

In June 2017 compared with May 2017, seasonally adjusted industrial production fell by 0.6% in the euro area (EA19) and by 0.5% in the EU28, according to ...
   

Britain Seeks Brexit without Borders for Northern Ireland

There should be no border posts between Ireland and the British province of Northern Ireland after Brexit, Britain said in an early attempt to resolve one of ...
   

Thanos Michaelides: Hotel Occupancy in Paphos Improved Over Mid-August

The occupancy ratio at hotels in Paphos over the mid-August holidays is high and improved compared to last year, the Cyprus News Agency reported on Monday ...
   

German Growth Slows But Remains Robust

Germany's economic growth slowed in the second quarter of the year but remained robust, according to official data. The country's gross domestic ...
   

Cyprus Implements EU Regulation on Maritime Transport Emissions

The Department of Merchant Shipping has issued a circular informing owners, managers and representatives of Cyprus-flagged ships of their obligations under EU ...
   

Larnaca International Airport A Top European Airport

Larnaca International Airport in Cyprus has remained third among the European airports with passenger traffic of 5 to 10 million per year, which had the ...
   

Cyprus 7th Most Popular Spot in Europe for British Home Buyers

Cyprus is the seventh most popular European country for Britons looking to relocate or buy a second home, according to property website Rightmove. The most ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Issue_300x250px

IMH LTD