TUESDAY, 27 JUN 2017

 

CONNECT

Facebook Linked In Twitter
Volvo_19/06-19/07_728x90px
GloriaJeans_266x90px
IMH LTD

Christodoulides: EU 27 Appear To Be In Line With Cyprus' Position on Security and Guarantees

Syllouris: Greek Cypriot Side Should Be Concerned Whether Turkey Would Respect an Agreement

IMH LTD
Accountancy_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

International ‘Day of the Seafarer’: ‘Seafarers Matter’

The International Shipping Community celebrates every year on 25 June the “Day of ...

Cyprus Institute Participates in the EU-Australia Leadership Forum

The first EU-Australia Senior Leaders Forum (EUALF) recently took place in Sydney, ...

Alpha Bank Employees Participate In Volunteering Activities for the Environment

Alpha Bank Cyprus Ltd has organized volunteering activities for the protection of the ...

FROM AROUND GOLDNEWS

   

EBRD Awarded at the CIPA International Investment Awards 2017

EBRD has received an honorary award at the 2017 CIPA International Investment Awards.   The award was presented to Philip Bennett, EBRD First Vice ...
   

Fattal Hotel International Awarded at the CIPA International Investment Awards 2017

Fattal Hotel International has been selected as a winner of the 2017 CIPA International Investment Awards.   The award was presented to Roni Aloni, ...
   

Coast2Coast Capital Awarded at the CIPA International Investment Awards 2017

Coast2Coast Capital has been selected as a winner of the 2017 CIPA International Investment Awards. The award was presented to Greg von Holdt, Senior ...
   

Eni Awarded at the CIPA International Investment Awards 2017

Eni has been selected as a winner of the 2017 CIPA International Investment Awards.   The award was presented to Aldo Napolitano, EVP Exploration ...
   

CNP Assurances Awarded at the CIPA International Investment Awards 2017

CNP Assurances has been selected as a winner of the 2017 CIPA International Investment Awards. The award was presented to Xavier Larnaudie-Eiffel, Deputy ...
   

Nielsen Awarded at the CIPA International Investment Awards 2017

Nielsen Ltd has been selected as a winner of the 2017 CIPA International Investment Awards.   The award was presented to Vicky Grigoriadou, ...
   

SMT SHIPPING (Cyprus) Ltd Awarded at the CIPA International Investment Awards 2017

SMT SHIPPING (Cyprus) Ltd has been selected as a winner of the 2017 CIPA International Investment Awards.   The award was presented to Anthonius J. ...
   

Bouygues Bâtiment International Awarded at the CIPA International Investment Awards 2017

Bouygues Bâtiment International has been selected as a winner of the 2017 CIPA International Investment Awards. The award was presented to Daniel ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Primetel_26/04-28/08_300x250px

IMH LTD