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September 1, 2010

Bank of Cyprus reports H1 2010 profits

by Richard Kilner

Story link: Bank of Cyprus reports H1 2010 profits

Bank of Cyprus Group has reported its interim financial results for the first six months of 2010, including net profits of €163m, a 10% rise compared to the corresponding period last year.

Profits before provisions were recorded at €328m, 27% better than the result achieved in H1 2009.

Pre-tax profits were €180, an improvement of 10% on the same period the previous year.

Net interest income increased substantially, rising by 28% to hit €496m.

Bank of Cyprus also enjoyed a strong capital position, with a tier 1 ratio of 9.9% and good liquidity, with a loans to deposits ratio of 83%.

The bank also saw total deposits increase by 14% to €32.6bn, but return on equity declined by 0.3% to 13.6%.

The first half of 2010 also saw an improvement in efficiency, with the cost to income ratio falling from 55.6% to 51.9%.

The bank has indicated that it intends to maintain a healthy capital and liquidity position, and has forecast full-year 2010 net profits between €300m and €400m.


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