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Bank of Cyprus Romania: the profit after tax increased by 2.3% in 2010

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2011-03-01 18:44

Bank of Cyprus Group announced yesterday its financial results for the year ended 31 December 2010. Despite the difficult economic environment, these results are within the targets for the year 2010, with profit after tax at a level of EUR 306 mln.rnrnThe liquidity position of the Group remains healthy with a loans to deposits ratio of 84%. Capital position also remains strong with a capital adequacy ratio of 11.9%. Profit after tax for 2011 is estimated to be at around a similar level as 2010.rnrnIn Romania, Bank of Cyprus operates 12 branches and 2 agencies. At 31 December 2010, loans portfolio reached the level of EUR 625 mln (as opposed to EUR 678 mln at December 2009). At the same time deposits stood almost stable at EUR 153 mln. rnrnFrom all the operations of Bank of Cyprus related to Romania, during last year the profit after tax increased by 2.3%, reaching the level of EUR 9 mln as opposed to EUR 8.8 mln at December 2009. This was after higher provisions in 2010 (EUR 8.2 mln versus EUR 4.9 mln in 2009), thanks to a 23% increase in Profit before provisions (EUR 18.2 mln versus EUR 14.8 mln). rnrnThe Group’s strategic priorities for 2011 are to safeguard healthy liquidity, to maintain strong capital adequacy, to achieve satisfactory profitability and to enhance presence in new markets with growth potential. rn

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