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The Board of the Cyprus Securities and Exchange Commission (CySEC) on Friday informed the public that, at its meeting held on the 5th April 2021, CySEC decided to impose an administrative fine of €40.000 to CIF London Capital Group (Cyprus) Ltd (the ‘Company’) for non-compliance with article 16(2) of Regulation (EU) 596/2014 on market abuse, as further specified in Articles 2 and 3(8) of the Delegated Regulation (EU) 2016/957 supplementing Regulation (EU) 596/2014, as it does not maintain effective arrangements and procedures to detect and report suspicious orders and transactions, which also ensure the monitoring those.

Ancoria Bank announced results for the 6-month period ended 30 June 2021in a press release on its website.

  • Profit after tax for the first time since launch of operations, observed at €0.3mln compared to €1.0 million loss as at 30 June 2020.
  • Significant growth of loan book with gross loans reaching €297 million, recording an increase of 29 per cent year-on-year.
  • Strong capital adequacy with Total Capital Ratio (TCR) and Common Equity Tier 1 (CET1) ratio at 18 per cent, comfortably above the regulatory minimum of 15 per  cent including SREP requirement.
  • Substantial excess liquidity with deposits reaching €332mln, recording an increase of 27 per cent year-on-year and registering a Liquidity Coverage Ratio (LCR) of 362 per cent compared with a minimum requirement of 100 per cent.
  • Exceptional asset quality with Non-Performing Exposures (NPE) ratio based on European Banking Authority’s definition at 0 per cent.
  • Effective cost management with Cost-to-Income ratio constantly falling, observed at 94 per cent compared with 128 per cent as of 30 June 2020.

Despite the difficult market conditions that emerged from the pandemic, Ancoria Bank continued its positive growth, remaining focused on its strategic goal of being a reliable financial partner to its customers laying solid foundations for a long-term relationship.

Ancoria Bank continues its progressive course by redefining banking through the constant development of technology while focusing on the customers’ needs and suggesting a unique banking model where digital and physical service harmoniously coexist.

 

 

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