Cyprus Mail
Banking and FinanceBusinessCyprusCyprus Business News

Bank of Cyprus presents financial results to London-based investors

cyprus business now bank of cyprus ibu unit tech companies cyprus mail

The achievement a year early of the target to bring the NPL ratio down to single digits, combined with the return to profitability, allows the Bank of Cyprus to move more comfortably towards improving its performance.

The bank’s management presented its preliminary 2021 results to investors in London on Wednesday via an online virtual roadshow organised by HSBC.

The presentation was made by Chief Executive Officer, Panicos Nikolaou, Chief Financial Officer, Elise Livadiotou, Chief Risk Officer Dimitris Demetriou and Head of Investor Relations, Anita Pavlou.

The purpose of the roadshow was not to directly result in an investment deal, it was a non-deal roadshow, but to showcase the bank’s results and performance.

Improving the bank’s capital position is also on the bank’s radar. The 2021 results announcement included a note that “following the successful refinancing of Tier 2 subordinated capital bond in 2021, the Group continues to explore opportunities to optimize its capital position, including Tier 1 Additional Capital.”

As of December 31, 2021, the Common Equity Tier 1 Capital (CET1) ratio was 15.8 per cent (with transitional provisions), and 14.3 per cent without transitional provisions.

The Group considers that a Common Equity Tier 1 (CET1) ratio of 13.5 per cent-14.5 per cent would be appropriate for the Group in the medium term.

Organic capital growth will be supported by the improved medium-term target for return on tangible equity (ROTE) of over 10 per cent in 2025.

Capital is expected to be used for organic growth of the loan portfolio and investment in the Group’s operations.

The Bank of Cyprus announced a profit of €30 million for 2021 with Nicolaou leaving open the possibility of a dividend distribution from the 2023 financial year, subject to the expected performance and the necessary approval from the European Central Bank.


Related Posts

Samsung Australia fined $9.7m over false water-resistance claims

Reuters News Service

Karousos orders investigation after ‘filthy bus’ breaks down on highway

Jean Christou

Saudi Arabia to invest $3.4 bln in vaccine, biomedical drugs sector

Reuters News Service

Lufthansa expects flight operations to return to normal in 2023

Reuters News Service

Food crisis: are we ready for it?

Elias Hazou

Volunteers swim 8km to support cancer patients

Gina Agapiou